<SEC-DOCUMENT>0001292814-16-003678.txt : 20160301
<SEC-HEADER>0001292814-16-003678.hdr.sgml : 20160301
<ACCEPTANCE-DATETIME>20160301103526
ACCESSION NUMBER:		0001292814-16-003678
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20301215
FILED AS OF DATE:		20160301
DATE AS OF CHANGE:		20160301

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13542
		FILM NUMBER:		161471620

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

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>irs2qfy2016_6k.htm
<DESCRIPTION>UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
<TEXT>

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

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

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

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

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

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

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<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">For the month of <FONT face="Times New Roman">February</FONT>, 201<FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></FONT></B></FONT></FONT></DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=justify><FONT color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt">Attached is an English translation of the Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2015 and for the six-month periods ended December 31, 2015 and 2014 filed by the Company with the&nbsp;</FONT></FONT><FONT color=black face="times new roman"><I><FONT lang=EN-US style="FONT-SIZE: 10pt">Comisi&#243;n Nacional de Valores&nbsp;</FONT></I></FONT><FONT color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt">and the&nbsp;</FONT></FONT><FONT color=black face="times new roman"><I><FONT lang=EN-US style="FONT-SIZE: 10pt">Bolsa de Comercio de Buenos Aires</FONT></I></FONT><FONT color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt">:</FONT></FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 17pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>Unaudited Condensed Interim Consolidated Financial Statements </FONT></B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif><BR></FONT><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>as of December 31, 2015 and for the six-month periods </FONT></B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif><BR></FONT><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>ended December 31, 2015 and 2014</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Legal information</FONT></B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P style="MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Common Stock subscribed, issued and paid up (in millions of Ps.):</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>579.</FONT></P>

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

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

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

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

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

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

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

<P style="MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest of the Parent Company on the capital stock: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>366,788,251 common shares.</FONT></P>

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

<P style="MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Percentage of votes of the Parent Company on the shareholders&#8217; equity:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> 63.8%.</FONT></P>

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

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

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

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" vAlign=bottom width="50%" colSpan=2>

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

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

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" vAlign=bottom width="25%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=bottom width="25%">

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

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 6pt" width="50%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" width="25%">

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

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>579</FONT></P></TD></TR></TABLE></DIV>

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 25pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 18pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Index</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Glossary</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Financial Position</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Comprehensive Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4-5</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Cash Flows</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7-81</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 1 &#8211; The Group&#8217;s business and general information</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 2 &#8211; Summary of significant accounting policies</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 3 &#8211; Seasonal effects on operations</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 4 &#8211; Acquisitions and dispositions</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18-22</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 5 &#8211; Financial risk management and fair value estimates</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22-26</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 6 &#8211; Segment information</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27-36</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 7 &#8211; Information about the main subsidiaries</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37-38</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 8 &#8211; Investments in associates and joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38-42</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 9 &#8211; Financial assets held for sale &#8211; CLAL, among others</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42-43</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 10 &#8211; Investment properties</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44-45</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 11 &#8211; Property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 12 &#8211; Trading properties</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 13 &#8211; Intangible assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 14 &#8211; Inventories</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 15 &#8211; Financial instruments by category</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49-53</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 16 &#8211; Restricted assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 17 &#8211; Trade and other receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 18 &#8211; Investments in financial assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 19 &#8211; Derivative financial instruments</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 20 &#8211; Cash flow information</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57-58</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 21 &#8211; Trade and other liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 22 &#8211; Salaries and social security liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 23 &#8211; Provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60-62</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 24 &#8211; Borrowings</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63-67</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 25 &#8211; Taxes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 26 &#8211; Shareholders&#8217; Equity</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>69</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 27 &#8211; Revenues</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 28 &#8211; Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 29 &#8211; Expenses by nature</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70-72</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 30 &#8211; Employee costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 31 &#8211; Other operating results, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 32 &#8211; Financial results, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 33 &#8211; Employee benefits</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>74</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 34 &#8211; Related parties transactions</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 35 &#8211; Leases</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>79-80</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 36 &#8211; Fiscal Year 2015 20-F Annual Report</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>80</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 15.9pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 37 &#8211; Subsequent Events</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>80</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Review report on the Unaudited Condensed Consolidated Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Review report on the Unaudited Condensed Separate Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -2.85pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Glossary </FONT></U></B></P>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The followings are not technical definitions, but help the reader to understand certain terms used in the wording of the notes to the Group&#180;s Financial Statements.</FONT></P>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adama</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adama Agricultural Solutions Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BACS</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bartan</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bartan Holdings and Investments Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BASE</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Buenos Aires Stock Exchange</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Central Bank of the Argentine Republic</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BHSA</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Buy Me Buy You</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cellcom</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cellcom Israel Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Clal</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Clal Holdings Insurance Enterprises Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CNV</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Securities Exchange Commission</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CODM</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Chief Operating Decision Maker</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Condor</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Condor Hospitality Trust Inc.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cresud</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=arial,sans-serif>Cresud S.A.C.I.F. y A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>DFL</FONT></P></TD>

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

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Discount Investment Corporation Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>DN B.V.</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dolphin Netherlands B.V.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dolphin</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dolphin Fund Ltd. and Dolphin Netherlands B.V.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>EHSA</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Entertainment Holdings S.A. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>International Financial Reporting Standards</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>NIS</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>New Israeli Shekel</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>NPSF</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=arial,sans-serif>Nuevo Puerto Santa Fe S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>NYSE</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>New York Stock Exchange</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>PAMSA</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Panamerican Mall S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>PBC</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property &amp; Building Corporation Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Puerto Retiro</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Puerto Retiro S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Quality</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Quality Invest S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rigby</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rigby 183 LLC</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shufersal</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shufersal Ltd.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>SRA</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sociedad Rural Argentina</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tarshop</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tarshop S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TASE</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tel Aviv Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>as of December 31, 2015 and June 30, 2015</FONT></B></P>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>06.30.15</FONT></B></P></TD></TR>

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

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

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

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

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

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

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

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

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>42,798</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18,997</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,295</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 7.95pt 0pt 0in; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,644</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14,628</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,173</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>344</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>53</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>106</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>109</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,183</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Employee benefits</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,863</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>703</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>88,868</FONT></B></P></TD>

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

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,347</FONT></B></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,211</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

<TR style="HEIGHT: 9.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,515</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>342</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>485</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Financial assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,043</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12,043</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,143</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,322</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,032</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>45,052</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>133,920</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>575</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>117</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>117</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other reserves</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>760</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>330</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(486)</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>521</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,903</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,846</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,749</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,870</FONT></B></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>841</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>255</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>82,423</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>67</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,396</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Employee benefits</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>556</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,416</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>90,702</FONT></B></P></TD>

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

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18,072</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>16,866</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,248</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>86</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>237</FONT></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,191</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>718</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>536</FONT></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

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

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>37,469</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,691</FONT></B></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>128,171</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,373</FONT></B></P></TD></TR>

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>133,920</FONT></B></P></TD>

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

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

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

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

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>1</FONT></P>

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; for the six and three-month periods beginning on July 1 and October 1, 2015 and 2014 and ended December 31, 2015 and 2014</FONT></B></P>

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

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

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD style="WIDTH: 44%" vAlign=bottom>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="WIDTH: 5%" vAlign=bottom>

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

   <TD style="WIDTH: 12%" vAlign=bottom>

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

   <TD style="WIDTH: 1%" vAlign=bottom></TD>

   <TD style="WIDTH: 12%" vAlign=bottom>&nbsp;</TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

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

   <TD style="WIDTH: 12%" vAlign=bottom>

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

   <TD style="WIDTH: 1%" vAlign=bottom>&nbsp;</TD>

   <TD style="WIDTH: 12%" vAlign=bottom>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.9pt">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Six months</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Three months</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,570</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,259</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>856</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>670</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>594</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>439</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>339</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>238</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(972)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(735)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(537)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(382)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,192</FONT></B></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>963</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>658</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>526</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,029</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>801</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>639</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>484</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(273)</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(162)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(142)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(83)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(120)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(84)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(65)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(47)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,948</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,586</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,223</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>945</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of loss of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(398)</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

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

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(681)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(569)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit before financial results and income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,550</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>905</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,316</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>374</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>328</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,138)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(535)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,804)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(208)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other financial results</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(460)</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(312)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(79)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial results, net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,224)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(479)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,788)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(262)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit before income tax</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(674)</FONT></B></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>426</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(472)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(236)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(379)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(124)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(203)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(910)</FONT></B></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(596)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(89)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity holders of the parent</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(213)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(423)</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(383)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(91)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit per share attributable to equity holders of the parent during the period:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.847)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.008</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.367)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.002</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Diluted </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.847)</FONT></P></TD>

   <TD style="WIDTH: 1%" vAlign=bottom>

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.008</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.367)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.002</FONT></P></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>2</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; for the six and three-month periods beginning on July 1 and October 1, 2015 and 2014 and ended December 31, 2015 and 2014</FONT></B></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

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<TR style="HEIGHT: 12.7pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Six months</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Three months</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD>

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

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(910)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(596)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0in; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(89)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Items that may be reclassified subsequently to profit or loss: </FONT></B></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

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

<TR style="HEIGHT: 13.45pt">

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,873)</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(352)</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,874)</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(379)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.45pt">

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment associates</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,749</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>216</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,714</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>198</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income / (loss) for the period (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,876</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(136)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,840</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(181)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total comprehensive income / (loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>966</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(89)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,244</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(270)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributable to:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity holders of the parent</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(283)</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(147)</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(45)</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(187)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,249</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,289</FONT></P></TD>

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(83)</FONT></P></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)&nbsp;&nbsp; Components of other comprehensive income have no impact on income tax.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>3</FONT></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders&#8217; Equity</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six-month periods ended December 31, 2015 and 2014</FONT></B></P>

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

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

<P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap><FONT style="FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="66%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif><STRONG>Attributable to equity holders of the parent</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 6pt"><STRONG>&nbsp;</STRONG></FONT></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="28%" noWrap><FONT style="FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Share capital</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Treasury stock</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Inflation adjustment</STRONG></FONT></P><FONT style="FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><STRONG>of share capital and treasury</STRONG></FONT></P></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>stock (2)</STRONG></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Share premium</STRONG></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif><STRONG>Additional paid-in capital from treasury stock</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Legal reserve</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Special <BR>reserve </STRONG></FONT><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>(1)</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif><STRONG>Other reserves (Note 26) </STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Retained earnings</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Subtotal</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Non-controlling interest</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Total Shareholders&#180; equity</STRONG></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt"></TR>

<TR style="HEIGHT: 11.35pt"></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at July <SUP>1<FONT face=Arial>st</FONT></SUP>, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>574</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>123</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>793</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>117</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>330</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>521</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,474</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>396</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,870</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Loss for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(423)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(910)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Other comprehensive income for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,672</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,876</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt; TEXT-INDENT: -3.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total comprehensive income / (loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(283)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,249</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>966</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Appropriation of retained earnings approved by Shareholders&#8217; meeting held 11.26.15</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>520</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(520)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Reserve for share-based compensation (Note 33)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Tender offer to non-controlling shareholders</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(186)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Cumulative translation adjustment for interest held before business combination</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Incorporation for business combination</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,235</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,235</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Capital reduction</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Changes in non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>19</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Dividends distribution to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(17)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>575</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>123</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>793</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>117</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>760</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(486)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,903</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>3,846</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5,749</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 26.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Includes Ps. 1 of Inflation adjustment treasury stock. See Note 26.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>4</FONT></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders&#8217; Equity</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six-month periods ended December 31, 2015 and 2014</FONT></B></P>

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

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

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

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

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.95pt">

   <TD style="HEIGHT: 2.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 2.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="54%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif><STRONG>Attributable to equity holders of the parent</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 2.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%"><STRONG>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></STRONG></TD>

   <TD style="HEIGHT: 2.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%"><STRONG>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></STRONG></TD></TR>

<TR style="HEIGHT: 42.5pt">

   <TD style="HEIGHT: 42.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 42.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Share capital</STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Treasury stock</STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Inflation adjustment</STRONG></FONT></P><FONT style="FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><STRONG>of share capital and treasury</STRONG></FONT></P></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>stock (2)</STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Share premium</STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Legal </STRONG></FONT></P><FONT style="FONT-SIZE: 6pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>reserve</STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Special </STRONG></FONT></P><FONT style="FONT-SIZE: 6pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><STRONG><FONT style="FONT-SIZE: 6pt"><FONT face=arial,sans-serif>reserve (1)</FONT></FONT></STRONG></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif><STRONG>Other reserves (Note 26) </STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Retained earnings</STRONG></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Subtotal</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Non-controlling interest</STRONG></FONT></P></TD>

   <TD style="HEIGHT: 42.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif><STRONG>Total Shareholders&#180; equity</STRONG></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Balance at July 1st, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>574</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>123</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>793</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>117</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>375</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>806</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(785)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>2,008</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>548</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>2,556</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Profit for the period</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>42</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>47</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Other comprehensive (loss) / income for the period</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(152)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(152)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>16</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(136)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Total comprehensive (loss) / income for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(152)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(147)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>58</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(89)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Appropriation of retained earnings approved by Shareholders&#8217; meeting held 11.14.14</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(371)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(414)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>785</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Reserve for share-based compensation (Note 33)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>2</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Capital reduction</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(228)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(228)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Changes in non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(22)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Reimbursement of expired dividends</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Dividends distribution to non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(10)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>(10)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial">Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>574</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>5</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>123</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>793</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>117</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>4</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>259</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>6</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>1,881</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>346</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial; LAYOUT-GRID-MODE: line" color=#000000>2,227</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 26.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Includes Ps. 1 of Inflation adjustment treasury stock. See Note 26.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>5</FONT></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Cash Flows </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six-month periods ended December 31, 2015 and 2014</FONT></B></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash generated by operations before income tax paid</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,095</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>627</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and Minimum Presumed Income tax paid</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(495)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(166)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>600</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>461</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investing activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contributions in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(45)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(33)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(279)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(102)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(302)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,073</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2,046</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from disposal of trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(20)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition of trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchase of investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(3,461)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,520)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2,404</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>957</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advanced payments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(25)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of equity interest in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>19</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest received from financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted to associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,349)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash (used in) / generated by investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,501)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>875</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financing activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>402</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>428</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payments of borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(435)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(724)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of non-convertible notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(96)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of financial leasing</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends paid</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(55)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Issuance of non-convertible notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>407</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition of non-controlling interest in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contribution of non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes in non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends paid to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(59)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(334)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(281)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans from associates and joint ventures, net</FONT></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>22</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Distribution of capital of non-controlling interest in subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(228)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of seller financing of shares</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(106)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payments related to derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(25)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(17)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Repurchase of non-convertible notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(135)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reissuance of non-convertible notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>903</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by / (used in) financing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in">&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>695</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0in" align=right>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(967)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net (Decrease) / Increase in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(206)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9.05pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>369</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at beginning of year</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>375</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>610</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash incorporated by business combination</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>9,193</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign exchange gain / (loss) on cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3,670</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(162)</FONT></P></TD></TR>

<TR style="HEIGHT: 5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at end of period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>13,032</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>817</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>&nbsp;The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>6</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> millions</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> Argentine</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> Pesos,</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> except</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> shares and per share data and as</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> otherwise indicated</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s business and general information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA was founded in 1943, and is engaged in a diversified range of real estate activities in Argentina since 1991.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA and its subsidiaries are collectively referred to hereinafter as &#8220;the Group&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cresud is our ultimate parent company and is a corporation incorporated and domiciled in Argentina. The address of its registered office is 877 Moreno St., Floor 23, Autonomous City of Buenos Aires, Argentina. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Financial Statements have been approved for issue by the Board of Directors on February 11, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of the date of these financial statement, the Group has established two Operations Centers to manage its global business, mainly through the following companies (see Note 6). </FONT></P>

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<IMG border=0 src="consolidado_7a.gif"></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Remains in current assets, as financial assets held for sale (see Note 9).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Corresponds to Group&#8217;s associates, which are hence excluded from consolidation. </FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>7</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s business and general information</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Argentina</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The activities of the operations center in Argentina are mainly developed through IRSA and its principally subsidiary, IRSA CP. Through IRSA and IRSA CP, the Group owns, manages and develops shopping centers across Argentina, a portfolio of office and other rental properties in the Autonomous City of Buenos Aires, and it entered the United States of America (&#8220;USA&#8221;) real estate market in 2009, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA CP, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term &#8220;real estate&#8221; indistinctively in these Financial Statements to denote investment, development and/or trading properties activities. IRSA&#8217;s shares are listed and traded on both the BASE and the NYSE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The activities of the Group&#8217;s segment &#8220;financial operations and others&#8221; is carried out mainly through BHSA, where we have a 29.94% interest (without considering treasury shares of our own). BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA's shares are listed on the BASE. Besides that, the Group has a 42.99% indirect equity interest in Tarshop, which main activities are credit card and loan origination transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Israel</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif>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 (Mobile phone services), Adama (Agrochemicals), Shufersal (supermarket), PBC (Real Estate), among others. IDBD is listed in TASE since May, 2014. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>On October 11, 2015, the Group gain effective control over IDBD (see Note 4), thus adding material assets in several industries and liabilities related to loans granted to IDBD and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;</FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>8</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=Arial></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s business and general information</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Following the reduction of ETH&#8217;s equity interest in IDBD to less than 26.65% in February 2015 and the completion of BMBY&#8217;s process whereby Extra sold its equity interest, IDBD&#8217;s creditors saw an opportunity to call for the immediate payment of financial liabilities. IDBD is negotiating with the creditors certain amendments to the covenants in their loan agreements that will be enforced during the quarter ending March 31, 2016. If IDBD fails to reach an agreement with its creditors under favorable terms, the preexisting restrictions and covenants may remain in force and may not be fulfilled under the prevailing circumstances. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As a holding company, IDBD&#8217;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.&nbsp; IDBD has projected future cash flows; however, such cash flows are not deemed sufficient to settle its liabilities and other commitments. IDBD expects to receive capital contributions from Dolphin to honor its financial commitments if so required and subject to Dolphin&#8217;s acceptance. However, the Group has not undertaken to provide further financing to the subsidiary or to complete any divestiture, including the sale of Clal. IDBD could also secure additional financing through the private or public issuance of equity securities and additional divestitures. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On December, 2013, was published in the Official Gazette of Israel the Promotion of Competition and Reduction of Concentration Law, 5774-2013 (&#8216;the Concentration Law&#8217;) which has material implications for IDBD and its investments, including the disposal of the controlling interest in Clal. The shares representing the controlling interest in Clal have been deposited with a trust fund designated by the Capital Markets, Insurance and Savings Commission, which is dependent on the Ministry of Finance of Israel. This Commission also set a deadline by which the sale of the controlling interest should be complete. According to the framework established by the governmental authorities, IDBD should have executed an agreement for the sale of the interest in Clal by January 7, 2016 in order for the buyer to be able to secure all required regulatory approvals by June 30, 2016. Despite the fact that IDBD had received several non-binding offers to buy its controlling interest in Clal, such offers did not succeed for reasons beyond IDBD&#8217;s control, and the regulatory entity established an arrangement to complete the sale of Clal, as described in detail in Note 9. According to certain terms and covenants governing the above mentioned financial debt, there are also restrictions on the sale of material subsidiaries requiring the financial entities&#8217; approval, and the regulatory entity&#8217;s requirement of selling the equity interest in Clal is also subject to IDBD&#8217;s current renegotiations with its creditors. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Group is also negotiating with IDBD&#8217;s non-controlling shareholders their assumed commitments to repurchase IDBD&#8217;s shares of stock at a pre-established price and within a defined term (see Note 4).</FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>9</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s business and general information</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>All factors mentioned above, mainly (i) IDBD&#8217;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&#8217;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&#8217;s capacity to continue as a going-concern. These financial statements do not include the adjustments or reclassifications related to the valuation of IDBD&#8217;s assets and liabilities that would be required if IDBD were not able to continue as a going-concern.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group is and will continue working to address the uncertainties described above. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA and its subsidiaries are not facing financial constraints and are compliant with their financial commitments. In addition, the commitments and other covenants resulting from the loan granted to IDBD do not have impact on IRSA since such loan has no recourse against IRSA and it is not secured by IRSA&#8217;s assets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>There are no significant uncertainties as to the capacity of the Group, as a whole, to operate as a going-concern, with such uncertainties being limited to the operations in Israel.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation of the Financial Statements </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Financial Statements have been prepared in accordance with IAS 34 "Interim Financial Reporting", therefore, should be read together with the Annual Financial Statements of the Group as of June 30, 2015 prepared in accordance with IFRS in force. Furthermore, these Financial Statements include supplementary information required by Law N&#176; 19,550 and/or regulations of the CNV. Such information is included in notes to these Financial Statements according to IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Financial Statements corresponding to the six-month periods ended December 31, 2015 and 2014 have not been audited. The management believes they include all necessary adjustments to fairly present the results of each period. The Company&#8217;s six-month periods ended December 31, 2015 and 2014 results do not necessarily reflect the proportion of the Group&#8217;s full-year results. </FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>10</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On October 11, 2015, the Group took over IDBD. IDBD&#8217;s fiscal year ends on December 31 each year and the Company&#8217;s fiscal year ends on June 30. IDBD&#8217;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 Company will not be able to include IDBD&#8217;s quarterly results in its financial statements as of December 31, 2015 to be filed with the CNV. The Company will consolidate IDBD&#8217;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&#8217;s results of operations for the period beginning on October 11, 2015 (the acquisition date) through December 31, 2015 will be included in the Group&#8217;s interim statement of comprehensive income for the nine-month period ending March 31, 2016, except for such material transactions that could have been substantially affected. The Company expects IDBD&#8217;s results for subsequent periods to become available with a similar lag.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD&#8217;s information disclosed in these financial statements is as at the takeover date, and is preliminary and subject to potential measurement adjustments, as explained in Note 4. The Group expects the business combination to be fully booked in its financial statements as of June 30, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Given the materiality of IDBD&#8217;s assets and liabilities 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 the notes, tables and exhibits and their respective order, classification and content in the financial statements, on a geographic basis and taking into consideration the significance of the Group&#8217;s global operations following IDBD&#8217;s consolidation. </FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>11</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary of significant accounting policies</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Scope of consolidation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In addition to the comments in Note 2.3 a) to the Annual Financial Statements, below are the consolidation bases that were followed to consolidate IDBD from October 11, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group conducts its business through several operating and holding companies, the principal are listed below: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Argentina:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Name of the entity</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership interest held </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>by the Group (5)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership interest held by the NCI</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Direct interest of IRSA:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>95.22%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4.78%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif>E-Commerce Latina S.A. (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>80.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Inversora Bol&#237;var S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Llao Llao Resorts S.A. (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>76.34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23.66%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

<DIV align=center>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through IRSA CP:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif>Arcos del Gourmet S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>90.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Emprendimiento Recoleta S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>53.68%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>46.32%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Panamerican Mall S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>80.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shopping Neuqu&#233;n S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>99.56%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0.44%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Torodur S.A.</FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR></TABLE><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></DIV>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>12</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Name of the entity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership interest held <BR>by the Group (5)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership interest held by the NCI</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through Tyrus S.A.:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Dolphin Fund Ltd. (2) (3)</FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>91.57%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8.43%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>I Madison LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA Development LP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA International LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Jiwin S.A.</FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Liveck S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Investment Group LP (&#8220;REIG&#8221;)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>64.01%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>35.99%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Investment Group II LP</FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>80.54%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>19.46%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Investment Group III LP (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>81.19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18.81%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Investment Group IV LP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Investment Group V LP</FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Strategies LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through Efanur S.A.:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real Estate Strategies LP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>66.83%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>33.17%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through Dolphin Fund Ltd.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IDB Development Corporation Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>51.00%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Israel:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Name of the entity</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership interest held <BR>by the Group (5)</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership <BR>interest held by the NCI</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through IDBD:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Discount Investment Corporation Ltd. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>73.92%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26.08%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Clal Holdings Insurance Enterprises Ltd.</FONT><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Insurance and pension company </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>54.97%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>45.03%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IDB Tourism (2009) Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding company in the tourism services sector</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 1.45pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IDB Group Investment Inc.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through Discount Investment Corporation Ltd:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Property &amp; Building Corporation Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>76.46%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23.54%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gav Yam Land Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>69.07%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>30.93%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Israel Property Rental Corporation Ltd. (ISPRO)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>MATAM - Haifa Science Industries Center</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49.90%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Neveh-Gad Building &amp; Development Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hadarim Properties Ltd.</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>PBC USA Investment Inc.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>13</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 3.4pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Name of the entity</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership interest held <BR>by the Group (5)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>% of ownership <BR>interest held by the NCI</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest indirectly held through Discount Investment Corporation Ltd </FONT></B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(Continued)</FONT><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 1.1pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shufersal Ltd. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Supermarket </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>45.49%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>54.51%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 5.7pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shufersal Real Estate Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Supermarket</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Koor Industries Ltd.(6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding company in the agrochemical sector</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cellcom Israel Ltd. (8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Communication services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>41.78%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>58.22%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 5.7pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Netvision Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Communication services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Elron Electronic Industries Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Technology development &#8211; Holding </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.32%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49.68%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Bartan Holdings and Investments Ltd. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>55.68%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>44.32%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="32%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Epsilon Investment House Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>68.75%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3.95pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -3.95pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31.25%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>The Group has consolidated its indirect interest in DFL considering its exposure to variable returns coming from its investment in DFL and the nature of the relationship between the Group and the shareholders with right to vote of DFL.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes interest indirectly held through Ritelco S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes interest indirectly held through Tyrus S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(5)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Correspond to interest directly held in each company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(6)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Owns a 40% equity interest of Adama.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(7)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>It has been valued as financial asset held for sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 7.1pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(8)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summarized financial information on principal subsidiaries with material controlling interests and other information are included in note 7.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The accounting policies applied in the presentation of these Financial Statements are consistent with those applied in the preparation of the Annual Financial Statements under IFRS as described in Note 2 to the Annual Financial Statements, except for the new accounting policies adopted following IDBD&#8217;s consolidation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The principal accounting policies applied for the first time for the three-month period ended December 31, 2015 associated to equity balances are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.1</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-recourse loan</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD has a non-recourse loan, which was split into two components on the basis of an independent appraiser&#8217;s report.</FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>14</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The commitment to transfer shares represents the main contract and was initially recognized at fair value and, later, at its depreciated cost. The derivative embedded represents a call option and is computed taking into account future payments of interest on the loan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The main contract and the embedded derivative ("non-recourse loan") are disclosed net in loans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.2</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Irrevocable right of use of the capacity of underground communication lines</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Transactions carried out to acquire an irrevocable right of use of the capacity of underground communication lines are accounted for as service contracts. The amount paid for the rights of use of the communication lines is recognized as &#8220;Prepaid expenses&#8221; 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.3</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories are measured at the lower of cost and net realizable value. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The cost of inventory includes expenses incurred in buying and taking the inventory to its existing location and condition. The cost of inventory of mobile phones and their related accessories and spare parts is calculated on the basis of the moving average, with the cost of other inventory being calculated on a FIFO basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.4</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group, through its Operations Center in Israel, holds hotels that have been reported under &#8220;Investment properties&#8221; since, unlike the hotels in the Operations Center in Argentina, it does not have a significant exposure to changes in operating cash flows of such hotels. </FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>15</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.5</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Employee benefits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Defined contribution plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>A defined contribution plan is a retirement benefit whereby IDBD makes fixed contributions to a separate entity, without the legal or implicit obligation to pay additional amounts. The Group&#8217;s obligation to make contributions to defined contribution plans is recognized as expense when the obligation arises.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Defined benefit plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD&#8217;s net obligation concerning defined benefit plans is 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other long-term employee benefits </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s net obligation 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.6</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Guarantees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Onerous contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>16</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.4</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Use of estimates</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The preparation of financial statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the preparation of these Financial Statements, the significant judgments made by Management in applying the Group&#8217;s accounting policies and the main sources of uncertainty were the same applied by the Group in the preparation of the Annual Financial Statements, as describe in Note 5 to those Financial Statements, save for changes in accrued income tax, provision for legal claims, provision for Directors' fees, allowance for bad debts and accrued supplementary rental, and those incorporated by business combination with IDBD.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.5</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Comparability of information </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Balance items as of June 30, 2015 and December 31, 2014 shown in these financial statements for comparative purposes arise from the Consolidated Financial Statements then ended. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the six-month period ended December 31, 2015, the Argentine Peso devalued against the US$ and other currencies by around 46%, which 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></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>17</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Seasonal effects on operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Argentina</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The operations of the shopping centers are subject to seasonal effects, which affect the level of sales recorded by lessees. During summer time in Argentina (January and February), the lessees of shopping centers experience the lowest sales levels in comparison with the winter holidays (July) and Christmas and year-end holidays celebrated in December, when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping mall sales. Sale discounts at the end of each season also affect the business. As a consequence, for shopping center operations, a higher level of business activity is expected in the period ranging between July and December, compared to the period January through June.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Israel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The operations of the Shufersal supermarket chain are subject to fluctuations of quarterly sales and income due to the increase in activity during religious holidays in different quarters throughout the year. For instance, in Pesaj (Passover) between March and April, and the Jewish New Year, sometime between September and October each year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The results of operations of Cellcom are also usually affected by seasonality in summer months in Israel and by the Jewish New Year, given a higher consumption due to internal and external tourism. </FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and dispositions</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Acquisition of control over IDBD </FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 7, 2014, a transaction was&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>agreed</FONT> whereby the Group, acting indirectly through Dolphin, acquired, jointly with E.T.H.M.B.M. Extra Holdings Ltd. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(a non-related company incorporated under the laws of the State of Israel) controlled by Mordechay Ben Mosh&#233;, an aggregate number of 106.6 million common shares in IDBD representing 53.30% of its stock capital, under the scope of the debt restructuring of IDBH with its creditors (the "Arrangement"), the IDBD's parent company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Under the terms of the agreement entered into between Dolphin and ETH, to which Dolphin and ETH agreed to (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.&nbsp;</FONT><FONT face=Arial><FONT size=2>&nbsp;</FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt">&nbsp;</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>18</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and dispositions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>During year 2015 Dolphin continued investing in IDBD, therefore, as of December 31, 2015 IRSA's indirect equity interest in IDBD amounted to approximately 49%.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 28, 2015, ETH launched the BMBY mechanism provided in the Shareholders&#8217; Agreement (clause which establishes that each party&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>of</FONT> 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 under the Arrangement.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>O</FONT>n June 10 and 11, 2015, Dolphin gave notice to ETH of its intention to buy all the shares&nbsp;of IDBD held by ETH.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>After certain aspects of the offer were resolved through an arbitration process brought by Dolphin and ETH in accordance with provisions on dispute resolution included in the Shareholders&#8217; Agreement, on September 24, 2015, the competent arbitrator resolved that: (i) Dolphin and IFISA (related company to the Group) were entitled to act as buyers in the BMBY process, and ETH should sold IDBD shares held by it (92,665,925 shares) at a price of NIS 1.64 per share; (ii) The buyer must fulfilled all of the commitments included in the seller&#8217;s Arrangement, including the commitment to carry out Tender Offers where responsibility were borne by Dolphin; (iii) The buyer must pledged in favor of the Arrangement Trustees the shares that seller had pledged to them.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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 Dolphin is hence empowered to appoint the new members to the Board. Additionally, on the same date, Dolphin pledged additional shares as a performance bond for the Tender Offers, thereby increasing the number of pledged shares to 64,067,710. As a consequence, the Group&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>gain control of</FONT>&nbsp;IDBD and started to consolidate financial statements as from that date. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As of December 31, 2015, Dolphin held an aggregate number of 324,445,664 shares, 24,897,859 Series 4 warrants, 109,342,966 Series 5 warrants and 97,833,180 Series 6 warrants, accounting for a 49.0% share interest in IDBD. Additionally, on December 31, 2015, Dolphin held 498,140 shares of DIC and 83,023 Series 4, 5 and 6 warrants of DIC, accounting for a direct equity interest of 0.49% in DIC.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group is analyzing the allocation of the price paid across various net assets acquired by IDBD; therefore, the information presented below is preliminary.</FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>19</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and dispositions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.11.15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of the interest in IDBD&#8217;s equity held before the business combination and warrants</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,416</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total consideration</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,416</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.11.15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of identifiable assets and assumed liabilities:</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,821</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,734</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,288</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,043</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,475</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,437</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,822</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax credits for the year</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>91</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,546</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,695</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restricted assets</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>250</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,193</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,597)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,089)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(68,174)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivative financial instruments, net</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>280 </FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax expense</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(316)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Employee benefits</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(405)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(794)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade and other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,550)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total net identifiable assets</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,750</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,235)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goodwill not yet allocated</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,901</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,416</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>20</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and dispositions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The fair value of the investment property was assessed by a qualified independent appraiser. As of the acquisition date, the Group estimates that recognized assets are recoverable. The fair value of the non-controlling interest in IDBD, has been determined on a proportional basis to the fair value of net acquired assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Following the control of IDBD, the cumulative currency translation accumulated in shareholders&#8217; equity from the interest held in IDBD before the business combination in the amount of Ps. 144 million were charged to income. This gain was disclosed under "Other operating results, net" line in the statement of income. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Disclosures required by IFRS 3 are not included since results are not consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Tender Offers</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As described in Note 3.1 to the Annual Financial Statements, Dolphin was required to carry out the first tranche of Tender Offers in December 2015. Before expiration of the first tranche of the Tender Offer, Dolphin and the Trustees of the Arrangement reached an interim agreement (the &#8220;Interim Arrangement&#8221;) that includes but is not limited to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Postpone the date in which Dolphin would propose the first part of the Tender Offers until March 15, 2016, so that the execution of the Tender Offer would extend until March 31, 2016. Increase the first part of the Tender Offer by NIS 7 million, without changing the number of shares entitled to participate in the Tender Offer;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Should IDBD carry out the issue of shares or convertible assets before March 15, 2016 (excluding the issuance of shares resulting from exercising already existing warrants) to any person other than Dolphin and/or any other company not entitled to take part as offeror in the Tender Offers, increase the first part of the Tender Offer by NIS 53 million (in addition to the NIS 7 million of section (i)), without changing the total number of shares to be purchased through the Tender Offer;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Increase the collateral granted to the Trustees of the Arrangement to secure performance of the commitments assumed under the Tender Offers;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>Interim</FONT> Arrangement should be approved by the Shareholders&#8217; Meeting, after which the parties would file a petition requesting that the appeal with the Supreme Court be dismissed without costs for the parties;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The&nbsp;Interim Arrangement would also be subject to the execution of the Subordinated Loan between Dolphin and IDBD (a subordinated and convertible loan granted to IDBD in the amount of NIS 210 million).</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On December 6, 2015 the&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>Interim</FONT> Arrangement was approved and the appeal with the Supreme Court was dismissed without cost to the parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On December 1, 2015, Dolphin and IDBD&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>suscribed</FONT> into the Subordinated Loan.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>21</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and dispositions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sale of properties in the Operations Center in Argentina</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the six-month period ended December 31, 2015, the Group has sold certain floors corresponding to Maip&#250; 1300 Building, Intercontinental Plaza, all the floors corresponding to Dique IV and Isla Sirgadero.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>All sales mentioned above led to a combined profit for the Group of Ps. 1,029, disclosed within the line &#8220;Gain from disposal of investment properties&#8221; in the statement of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial risk management and fair value </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The general risk management policies of the Group are focused on the unpredictability of financial markets and 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Given the diversity of sectors in the economy and industries, different regulatory and legal frameworks and the macroeconomic environment in each of 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a list of the main risk management policies of each of the operations centers:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.1</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Risk management in the operations center in Argentina:</FONT></I></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>These Financial Statements do not include all the information and disclosures on financial risk management in this operations center; therefore they should be read along with Note 4 to the Annual Financial Statements. There have been no changes in the risk management or risk management policies applied by the Group to the Operations Center in Argentina since year end. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>22</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial risk management and fair value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.2</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Risk management in the operations center in Israel:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Given the diversity of sectors in the economy, industries, and risks, IDBD manages its exposure to key financial risks in accordance with a decentralized risk management policy for all its subsidiaries. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>This section provides a description of the principal risks and uncertainties related to the operations center in Israel that could have a material adverse effect on the IDBD&#8217;s strategy, performance, results of operations and financial condition. The risks and uncertainties facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence. The information corresponding to the sensitivity analysis of financial risks and its impact on operating income has not been included because the Group does not present IDBD income in this period.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Market risk management</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(i) Foreign currency risk </FONT></I></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD operates at an international level and is exposed to exchange rate risks. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity&#8217;s functional currency in which the transaction is conducted, mainly the US dollar. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Real estate, business and/or financial activities of IDBD subsidiaries in the operations center in Israel are developed in the functional currencies of the economies where they operate, in that they IDBD is not significantly exposed to foreign currency risk. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>23</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial risk management and fair value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(ii) Risk of fluctuations of the CPI of Israel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD has financial liabilities indexed by the Israeli CPI. As of the balance sheet date, 72% of financial debts arising from the center of operations in Israel was adjusted by the Israeli CPI. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(iii) Interest rate risk</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The IDBD&#8217;s interest rate risk principally arises from long-term borrowings (See Note 24). Borrowings issued at variable 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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. Exposure to interest rate risk is decentralized managed and these activities are evaluated regularly by Management to determine that IDBD is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowings covenants. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of the date of these Financial Statements, the 96% of the Group&#8217;s long-term financial borrowings in this operations center are at fixed interest rate, therefore, IDBD is not significantly exposed to the interest rate fluctuation risk. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iv) Other price risk</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As indicated in Note 9, investment in Clal is classified on the statements of financial position at "fair value through profit or loss" and represents the most significant IDBD&#8217;s exposure to price risk. IDBD has not used hedging against these risks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>IDBD regularly reviews the prices evolution of these equity securities in order to identify significant movements. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>24</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial risk management and fair value </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Credit risk management</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a financial loss to IDBD. Credit risk is decentralized managed. 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></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD 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 </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The IDBD&#8217;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 IDBD are well known because of their experience in the market and high credit quality. IDBD 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD&#8217;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&#8217;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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The IDBD&#8217;s policy is to manage credit exposure to trade and other receivables within defined trading limits. All IDBD&#8217;s significant counterparties have internal trading limits. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>25</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial risk management and fair value </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Liquidity risk management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#141413 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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&#8217;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></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD&#8217;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. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Medium- to longer-term financing comprises public and private bond issues, including private placements. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financing risk is spread by using a variety of types of debt. The maturity profile is managed in accordance with IDBD&#8217;s needs, by spreading the repayment dates and extending facilities, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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 24 that includes a description of commitments and restrictions related to loans and renegotiation processes under way.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>26</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Following the control of IDBD, as from this quarter, the Group reports its financial and equity performance based on the new segment structure. Comparative information has been modified to reflect the new organization insofar as possible. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>27</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 70.9pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is the segment information prepared as follows: </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations Center in Argentina:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Within this center, the Group operates in the following segments: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Shopping Centers&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Offices and others&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes assets and operating results from lease revenues of office and other rental space and other service revenues related to the office activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Sales and Development&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>"Hotels"</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes the operating results of hotels mainly comprised of room, catering and restaurant revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> &#8220;International&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes 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.&nbsp; Additionally, until October 11, 2015, this international segment only included results from the investment in IDBD carried at fair value. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Financial operations and others&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment primarily includes the financial activities carried out by BHSA and Tarshop and other residual financial operations.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>28</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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 associates and joint ventures. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating results from joint ventures: Cyrsa S.A., NPSF, Puerto Retiro, Baicom Networks S.A. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating results from Shopping Centers and Offices segments does not include the amounts pertaining to building administration expenses and collective promotion funds (&#8220;FPC&#8221;, as per its Spanish acronym) and so does it exclude total recovered costs, whether by way of building administration expenses or other concepts included under financial income (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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information analyzed in relation to Group revenue and assets:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The assets&#8217; categories examined by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, investment in associates and goodwill.&nbsp; The sum of these assets, classified by business segment, is reported under &#8220;assets by segment&#8221;. Assets are allocated to each segment based on the operations and/or their physical location.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Within the operations center in Argentina, most revenue from its operating segments are derived from, and their assets are located in, Argentina, except for earnings of associates included in the &#8220;International&#8221; segment located in United States. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>29</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations center in Israel:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Within this center, the Group operates in the following segments: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -15.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Commercial Properties&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> 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, United States.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -15.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Supermarkets&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> includes assets and operating income derived from the business related to the subsidiary Shufersal. Through Shufersal, the Group operates a supermarket chain in Israel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -15.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Agrochemicals&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> includes income derived from the business related to the associate Adama. Adama is a company specialized in agrochemicals, particularly for the production of crops. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -15.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Telecommunications&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -15.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Insurance&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> includes assets and operating income derived from the business related to 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. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -15.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>All other segments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> include the assets and income derived from other diverse business activities which are not material, such as technological developments, tourism, gas and oil assets, electronics, and others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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 associates and joint ventures. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating results of the associate Adama in the segment Agrochemical are evaluated 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 the associate 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.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating income of the Clal subsidiary in the Insurance segment are analyzed from a consolidated perspective. As indicated in Note 9, 51% of the controlling shares of Clal are held in trust following instructions from the Israel Securities Exchange Commission to comply with the sale of the majority stake in Clal. Under this method both income and assets are fully consolidated on a line-by-line basis, and not under one line as if it were a financial instrument reported at fair value, as required by the IFRSs under the current circumstances where control in not exercised. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As indicated under Note 2, the Group 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 (acquisition date) through December 31, 2015 will be included under interim comprehensive income of the Group for the nine month period to be ending on March 31, 2016. Therefore, segment information pertaining to operating income for the period extending from the acquisition date through December, 31 2015 has not been included.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Goods and services exchanged between segments are calculated on the basis of market prices. Intercompany transactions between segments, if any, are eliminated.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As to those business segments 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&#8217;s share in the balances of investment properties of associates and joint ventures.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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 segment Commercial Properties, from activities outside Israel, mainly in United States. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>31</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a summarized analysis of the lines of business of Group&#8217;s operations center in Argentina for the period ended December 31, 2015:</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 31.2pt">

   <TD style="HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 31.2pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shopping Center</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Offices</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales and developments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>International</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial operations and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,193</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>244</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,587</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(176)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(26)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(170)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(382)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit / (Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>74</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,205</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment property</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,029</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,029</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(81)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(72)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(49)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(59)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(277)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(64)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(121)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>146</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit / (Loss) from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>854</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>937</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,959</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(579)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>161</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(404)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment Profit / (Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>854</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>943</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(492)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,555</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,347</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>861</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>321</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,529</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>161</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>179</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Right to receive future units under barter agreements</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,584</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,731</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,417</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>909</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>654</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>169</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,584</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,796</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>32</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_39"></A>

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<a name="_bclHeader39"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a summarized analysis of the lines of business of Group&#8217;s operations center in Argentina for the period ended December 31, 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>December 31, 2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="69%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 31.2pt">

   <TD style="HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

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

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 31.2pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shopping Center</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Offices and other</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales and developments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial operations and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>867</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>163</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>213</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,276</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(124)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(139)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(298)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit / (Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>743</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>143</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>74</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>978</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment property</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>801</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>801</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(56)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(27)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(165)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(46)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(28)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(85)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(113)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>187</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit / (Loss) from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>627</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>774</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>179</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,596</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(779)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(689)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment Profit / (Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>627</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>776</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(600)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>907</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,288</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>715</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>637</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,640</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>162</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>220</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Right to receive future units under barter agreements</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>406</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,337</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,840</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,342</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>782</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>901</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>192</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>407</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,337</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,961</FONT></B></P></TD></TR></TABLE></DIV>

<a name="_bclFooter39"></a><DIV>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>33</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_40"></A>

<DIV style=" PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader40"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a summarized analysis of the lines of business of Group&#8217;s operations center in Israel of the Group for the period ended December 31, 2015:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0.6pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="69%" colSpan=13>

   <P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0.6pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Israel</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0.6pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Commercial properties</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Supermarkets </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Agrochemicals</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Telecommunications</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

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

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 2.4pt">

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating assets</FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53,138</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,706</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,570</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,816</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>314,116</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,979</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>478,325</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.4pt">

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating liabilities</FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,112)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(21,048)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(50,615)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,893)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(299,343)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,061)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(433,972)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.4pt">

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating Assets (Liabilities), net</FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,026</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,658</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,955</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,923</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,873</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>918</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: -7.95pt" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,353</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>34</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_41"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader41"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>The following tables present a reconciliation between the total results of operations as per segment information of the operations center in Argentina and the results of operations as per the statements of income. The adjustments relate to the presentation of the results of operations of joint ventures accounted for under the equity method under IFRS and the non-elimination of the inter-segment transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total as per segment information </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustment for </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>share of profit / (loss) of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>joint ventures </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Expenses</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>and FPC</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustment to income for elimination of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>inter-segment transactions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total as per Statement</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>of income </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Revenues from sales, rents and services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,587</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,570 </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Income from expenses and FPC</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>594</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>594 </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(382)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(602)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(972) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,205</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,192 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,029</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,029 </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(277)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(273) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(121)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(120) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other operating results, net</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>123</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(4) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>120</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,959</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,948</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share of (loss) / profit of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(404)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(398)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Net segment profit / (loss) before financing and taxation</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,555</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,550</FONT></B></P></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total as per segment information </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustment for </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>share of profit / (loss) of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>joint ventures </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Expenses</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>and FPC</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustment to income for elimination of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>inter segment transactions</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total as per Statement</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>of income </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.2pt">

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Revenues from sales, rents and services</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,276</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,259</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Income from expenses and FPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>439</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>439</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(298)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(445)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(735)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>978</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(9)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>963</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>801</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>801</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(165)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(162)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(85)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(84)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other operating results, net</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>67</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>68</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,596</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(4)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,586</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share of (loss) / profit of associates</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(689)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(681)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Net segment profit ( (loss) before financing and taxation</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>907</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>905</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>35</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The following tables present a reconciliation between total segment assets and liabilities as per segment information of operations centers in Argentina and Israel and total assets as per the statement of financial position. </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total assets per segment based on segment information</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,796</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>478,325</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>484,121</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,961</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Less:</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Proportionate share in assets per segment of joint ventures and other associates (2)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(119)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(119)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(156)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustments for deconsolidation of Adama and Clal, among others</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(344,747)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(344,747)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Plus:</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fair value adjustments due to business combination</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(10,237)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(10,237)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustments due to significant operations of the reported period</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,072)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,072)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment in joint ventures and other associates (1)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>172</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>172</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>159</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other non-reportable assets </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>5,802</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>5,802</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,341</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total assets per segment as per statement of financial position</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11,651</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>122,269</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>133,920</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,305</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="51%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="51%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total liabilities per segment based on segment information</FONT></B><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif>.. </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(433,972)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(433,972)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Less:</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustments for deconsolidation of Adama and Clal, among others</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>313,891</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>313,891</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Plus:</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fair value adjustments due to business combination</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,372</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,372</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustments due to significant operations of the reported period</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>700</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>700</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other non-reportable assets </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(11,162)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(11,162)</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7,077)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total liabilities per segment as per statement of financial position</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(11,162)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(117,009)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(128,171)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(7,077)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)&nbsp;&nbsp; Represents the proportionate equity value of joint ventures and other associates that were proportionately consolidated for information by segment purposes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)&nbsp;&nbsp; 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>144</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total proportionate share in assets per segment of joint ventures</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>156</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>36</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information about the main subsidiaries </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with non-controlling interests material to the Group. Significant non-controlling interests have changed following the business combination. As of December 31, 2015 and June 30, 2015, significant non-controlling interests pertain to the operations center in Israel and the operations center in Argentina, respectively.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="34%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>At December 31, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="54%" colSpan=21>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Period ended December 31, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2pt">

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non-controlling shareholders interest</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non-current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non-</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Net assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Book Values </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non- </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>controlling interests</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Net </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>income </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>equity</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Other comprehensive loss</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Total comprehensive </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>loss </FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Profit (Loss) attributable to non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Other comprehensive </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(loss) attributable to</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Cash </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Cash </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>of Investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Cash </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>financial activities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 1.7pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Net Increase (decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Dividends distribution to non-controlling shareholders</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>DFL (1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>8.43%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,112</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,395</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,794</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>713</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(118)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(1,273)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(336)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(1,609)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(79)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(29)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>IDBD (2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>51%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>41,093</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>77,693</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>34,163</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>83,550</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,073</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>6,637</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>Elron (4)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>49.7%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>2,235</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>644</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>105</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>2,748</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>PBC (4)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>23.5%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>10,373</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>40,102</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>7,575</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>33,126</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>9,774</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>191 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>Cellcom (4)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>58.2%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>8,051</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>12,765</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>6,068</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>10,825</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>3,923</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>Shufersal (4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>50.4%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>10,564</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>14,142</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>11,499</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>9,549</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>3,658</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>6,519</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(79)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>(29)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>191</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="34%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="54%" colSpan=21>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Period ended December 31, 2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2pt">

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non-controlling shareholders interest</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non-current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Non-Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Net assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Book Values </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Net </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>income </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>equity</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Other comprehensive loss</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Total comprehensive </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>loss</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Profit (Loss) attributable to non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Other comprehensive</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(loss) attributable to</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Cash of operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Cash of investment activities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Cash of financial activities</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 1.7pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Net Increase (decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>Dividends distribution to non-controlling shareholders</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>PAMSA (5)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>488 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>518 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>310 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>21 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>675</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>129 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>175 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>71 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>71 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>71 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>14 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>55 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(73) </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>13 </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(5) </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>DFL (1)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>8.43%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>330 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,729 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>299 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>264 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,496</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>13 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(856) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(856) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(856) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(856)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>Rigby (1)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>25.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>19 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>19 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>28 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>398 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>398 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>398 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>101 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>1,501</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(1,500) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 5pt" face=arial,sans-serif>RES (6)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>33.17%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>30 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>356 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>11 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>14 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>361 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>120 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>N/A</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>267 </FONT></P></TD>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>(741)</FONT></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #cceeff" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>&nbsp;&nbsp; <BR>N/A: Not applicable. Not considered a significant non-controlling interest</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Corresponds to the Group's indirect interest. The percentage of the non-controlling interest represents the equity interest which is not owned by DFL.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Corresponds to the Group's indirect interest. The percentage of the non-controlling interest represents the equity interest which is not owned by IDBD.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(5)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(6)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>37</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -1.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information about principal subsidiaries </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -1.25in"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -1.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" color=black face=arial,sans-serif>Cellcom is the largest provider of mobile telecommunications in Israel; it offers its services approximately to 2,900 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" color=black face=arial,sans-serif>In November 2015, Cellcom entered into an agreement, subject to approval, with Golan Telecom Ltd. ("Golan") and its shareholders to acquire all of Golan&#8217;s shares for a price of NIS 1,170 million (or $ 3,900 million, at the exchange rate of 3.35), 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 (or $ 335 million at the exchange rate of 3.35) at that public offering to maintain its current equity interests.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>In December 2015, PBC, issued three series of debentures under the current programs for an aggregate amount of NIS 417 million (or $ 1,397 million at the exchange rate of 3.35).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In November 2015, IDBD, through IDB Tourism, renegotiated the terms and conditions of the loan for the purchase of aircrafts mentioned in Note 24. Among other things, the renegotiation involved the extension of the loan term and the purchase of a new Airbus. As of the date of these financial statements, the outstanding debt amounts to US$ 53 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 54.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -54.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in associates and joint ventures</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As of June 30, 2015, the Group's associates were New Lipstick, BHSA, IDBD, Tarshop, Manibil S.A., Lipstick and BACS and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the Groups&#8217; joint ventures were Cyrsa S.A., Puerto Retiro, Baicom Networks S.A., Quality, NPSF, Entretenimiento Universal S.A. and EHSA.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> The shares of these investments are not publicly traded except for BHSA and IDBD.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As of December 31, 2015, following IDBD&#8217;s consolidation, Adama, Mehadrin Ltd., PBEL Real Estate Ltd., Gav-Yam Properties in Lod, were included as associates, among others.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>38</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in associates and joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s investments in associates and joint ventures for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -7.1pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -7.1pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -7.1pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -7.1pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -7.1pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,810</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,084</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition / Increase in equity interest (Note 4)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,255</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decrease for the taking over (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,047)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance incorporated by business combination (Note 4)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,043</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contributions</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>45</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>166</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(21)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,605</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash dividends (ii)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(47)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale of equity interest (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassification to financial instruments (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(30)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reduction (iii)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net loss on investments at fair value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(564)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(412)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>End of the period / year (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,046</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,810</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; LINE-HEIGHT: 5pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV>

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



<TR>

   <TD vAlign=top width="2%"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;</FONT></TD>

   <TD vAlign=bottom width="98%"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes Ps. (582) and Ps. (363) reflecting interests in companies with negative equity as of December 31, and June 30, 2015, respectively, which are disclosed in &#8220;Provisions&#8221; (Note 23).</FONT></TD></TR>

<TR>

   <TD vAlign=top width="2%"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(ii)</FONT></TD>

   <TD vAlign=bottom width="98%">

   <P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: Arial">For the period ended December 31, 2015, the Group cashed dividends from NPSF in the amount of Ps. 4. During the period ended June 30, 2015, the Group cashed dividends from BHSA in the amount of Ps. 13, from Cyrsa S.A. in the amount of Ps. 31 and from NPSF in the amount of Ps. 3.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="2%"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(<FONT style="FONT-SIZE: 7pt" face=Arial>ii</FONT>i)</FONT></TD>

   <TD vAlign=bottom width="98%"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>During the year ended June 30, 2015, Cyrsa S.A. distributed dividends due to capital reduction in the amount of Ps. 111.</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Restrictions, commitments and other matters in respect of investments in Operations Center Argentina</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Legal reserve applicable to the Argentine Companies </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserve until they reach legal capped amounts (20% of total capital). This legal reserve is not available for the dividend distribution and can only be released to absorb losses. The Group&#8217;s investments under these laws have not reached the legal capped amounts.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>There are no contingent liabilities relating to the Group&#8217;s interest in associates and joint ventures.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>39</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in associates and joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Quality</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In March 2011, Quality purchased an industrial plant located in San Mart&#237;n, Province of Buenos Aires. The facilities have the necessary features and scales for multiple uses. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On January 20, 2015, Quality entered into an Urbanization Agreement with the Municipality of San Martin 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 paid at the date of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>EHSA</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>During November 2012, IRSA CP acquired shares of common stock, representing 50% of Entertainment Holdings S.A. (&#8220;EHSA&#8221;)&#8217;s capital stock and votes and as a consequence IRSA CP holds a jointly indirect interest in LRSA of 25% which operates the Exhibition Center &#8220;Predio Ferial de Buenos Aires&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In connection with the Exhibition Center, in December 2012 the Executive Branch issued Executive Order 2552/12 that annulled an executive order dated 1991 which approved the sale of the Exhibition Center to the SRA; the effect of this new order was to revoke the sale transaction. Although several resolutions have been issued since that point, to the date, we are not aware of any judicial measure petitioned by the owner of the Plot of Land and/or the National Government, or the corresponding appeals or rulings, may have affected the actual use of the Plot of Land.</FONT></P>

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

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Puerto Retiro</FONT></U></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On April 18, 2000, Puerto Retiro 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.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Indarsa did not comply with the payment of the outstanding price for the acquisition of the stock of Tandanor, and therefore the Ministry of Defense requested the bankruptcy of Indarsa, pursuing to extend the bankruptcy to Puerto Retiro.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In addition, Tandanor filed a civil action against Puerto Retiro and other accused parties in the criminal case for violation of section 174 subsection 5, under section 173 subsection 7 of Criminal Code. The claim expects that upon invalidation of executive order that approved the bid of D&#225;rsena Norte plot of land, Tandanor be reimbursed any other sum of money that it claims to have lost due to the alleged fraudulent purchase-sale transaction of the real property disputed in the case.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>40</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in associates and joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Management and legal advisors of Puerto Retiro estimate that there are legal and technical issues to consider that the request for bankruptcy will be denied by the court </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=arial,sans-serif>as well as the fraud action.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> However, given the current status of the case, we cannot predict its outcome.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Tarshop</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Over the past two years, the BCRA modified certain aspects of the regulatory framework of the activities carried out by Tarshop. Based on these changes, our Associate is going through a business reformulation process. In this context, the BHSA and IRSA CP approved a gradual capitalization plan to be carried out by shareholders pro rata their holdings, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=#222222 face=arial,sans-serif>under which certain contributions were already made</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> for a total amount of Ps. 235.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>New Lipstick</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>New Lipstick has a pledge over the shares of its operating subsidiary Metropolitan. Metropolitan owns the building known as Lipstick Building in Manhattan.</FONT></P>

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

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Restrictions, commitments and other matters in respect of investments of the operations center in Israel </FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Adama</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Adama </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=#222222 face=arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In 2011, IDBD sold </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=#222222 face=arial,sans-serif>60% of Adama&#8217;s shares to China National Agrochemical Corporation (&#8220;ChemChina&#8221;) and was also granted a non-recourse loan in the aggregate amount of US$ 960, which is secured by the 40% of the shares held by IDBD as of December 31, 2015. The loan is disclosed in Note 24 under Non-current loans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif>IDBD through DIC&nbsp;reported a potential transaction whereby Koor and ChemChina would transfer their entire interests (40% and 60%, respectively) in Adama to Hubei Sanonda Co. Ltd., a Chinese public company whose shares are listed in the Shenzhen Stock Exchange, China ("Sanonda"). Sanonda&#8217;s shares would be delivered as consideration for the transaction in such amount that, following the transaction, Adama would become a wholly-owned subsidiary of Sanonda and Koor would be a shareholder of Sanonda. Pursuant to Chinese laws, Sanonda&#8217;s shares owned by Koor would be subject to a lock-up period of 3 years</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 14pt" color=#222222 face=arial,sans-serif>.</FONT></P>

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

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>41</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in associates and joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On December 2015 Adama distributed a cash dividend for an amount of US$ 100, out of which US$ 40 pertains to DIC and was used to partially settle the non-recourse loan. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial assets held for sale - Clal, among others</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The composition of assets held for sale as of December 31, 2015 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Clal</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,845</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>198</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,043</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Clal is a holding company that mainly operates in the insurance and pension markets and in segments of&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>pension</FONT> 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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 grant an irrevocable power of attorney to Mr. Moshe Tery ("the Administrator") by 51% of the shareholding capital and vote interests in Clal, thus transferring control over that investee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On December 30, 2014, the Insurance Commission sent an additional letter setting a term by which IDBD&#8217;s control over and equity interests in Clal were to be sold and giving directions as to the Administrator&#8217;s continuity in office, among other aspects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The sale arrangement outlined in the letter involves IDBD&#8217;s and the Administrator&#8217;s interests in the sale process under different options and timeframes. As of December 31, 2015, the current sale arrangement involves the sale of the interest in the stock exchange or in over-the-counter trades, as per the following detail and by the following dates:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD will have to sell at least 5% of its equity interest in Clal over a four-month period;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During each of the subsequent four-month periods, IDBD will have to sell at least an additional 5% of its equity interest in Clal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>c.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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% will be offset against the percentage required in the following period.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>42</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial assets held for sale - Clal, among others </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD&#8217;s failure to fulfill its obligation in the manner described in the above paragraph will entitle the Administrator 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 will be transferred to IDBD, with the expenses incurred in the sale process to be solely borne by IDBD.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On December 31, 2015 the holding of IDBD to Clal was of 55%, and as a result of the circumstances mentioned above, IDBD has accounted for it as an available-for-sale financial asset. Valuation as of December 31, 2015 amounts to&nbsp;$ 5,810, and a loss of&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>$ </FONT>797 has been recorded reflecting the fall in the share price.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Claims against Clal</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On the aggregate, all legal actions brought against Clal&#8217;s investees out of the ordinary course of business amount to approximately NIS 14,339 (or Ps. 48,036 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>at the exchange rate of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> 3.35).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group set up a reserve for all legal actions brought against Clal&#8217;s investees out of the ordinary course of business in the amount of NIS 93 million (or Ps. 312</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> at the exchange </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>rate of 3.35). Most legal actions are related to consumer claims and derivative actions.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>43</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.85pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.85pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s investment properties for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Operations Center Israel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Rental properties (II)</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Undeveloped parcel of lands</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Properties under development</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Subtotal</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Rental properties</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Undeveloped parcel of lands</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Properties under development</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Subtotal</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,158</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>368</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>363</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,889</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,889</FONT></P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,619)</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,619)</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,619)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,539</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>368</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>363</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,270</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,270</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.25pt">

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Year ended June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,539</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>368</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>363</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,270</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,270</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>187</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>469</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>469</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Transfers</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>513</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(539)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Transfers to property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(9)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Transfers to trading property</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(3)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(94)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(99)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(99)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(147)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(147)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(147)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value at the year end</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,098</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>392</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,490</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,490</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,865</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>392</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5,257</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5,257</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,767)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,767)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,767)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,098</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>392</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,490</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,490</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Period ended December 31, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,098</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>392</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,490</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,490</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>102</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>102</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>102</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Transfers</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(95)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>95</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Transfers to property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Transfers to trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(15)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(75)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(78)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(78)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Balances incorporated by business combination (see Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>24,927</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,258</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,636</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>28,821</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>28,821</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>9,133</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>461</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>966</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>10,560</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>10,560</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(88)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(88)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(88)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Closing residual value</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,043</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>279</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,417</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>34,060</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,719</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,602</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>39,381</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>42,798</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>At December 31, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,898</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>279</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>95</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5,272</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>34,060</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,719</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,602</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>39,381</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>44,653</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,855)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,855)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,855)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,043</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>279</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,417</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>34,060</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,719</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,602</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>39,381</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>42,798</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Depreciation charges of investment properties were included in &#8220;Costs&#8221; in the statement of income (Note 29).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif>(ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Arcos del Gourmet, 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. 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 &#8220;juicio de consignaci&#243;n&#8221;, that is an action where the plaintiff deposits with the court sums of money that the defendant refuses to accept. Under this legal action, the company has deposited in due time and form all rental payments under the Contract for Reformulation of the Concession of Rights of Use and Development, which the Company considers to have been unduly revoked.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>44</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following amounts have been recognized in the statement of income: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental and service income</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,326</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,040</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses adjustment and FPC</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>594</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>439</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Direct operating expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(795)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(590)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Development expenditures</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment property</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,029</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>801</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowing costs incurred during the six-month period ended December 31, 2014 of Ps. 9.8, were capitalized at the rate of the IRSA CP&#8217;s general borrowings, which amounted to 15%. Those costs correspond to Alto Comahue. Capitalization of financial costs has ceased since the completion of the shopping mall, therefore, financial costs have not been capitalized as of December 31, 2015.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>45</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>11.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s property, plant and equipment for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Operations Center Israel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Buildings and facilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Others (i)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Subtotal</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Buildings and facilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Communication networks</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Machinery and equipment</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Others</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Subtotal</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>466</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>115</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>581</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>581</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(270)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(92)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(362)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(362)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>196</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>219</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>219</FONT></P></TD></TR>

<TR style="HEIGHT: 1.15pt">

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

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   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Year ended June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>196</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>219</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>219</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>50</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>50</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Transfers of investment properties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Depreciation (II)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(11)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(25)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(25)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.4pt">

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Residual value at the year end </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>193</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>50</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>243</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>243</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.15pt">

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>478</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>152</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>630</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>630</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(285)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(102)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(387)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(387)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>193</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>50</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>243</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>243</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.15pt">

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Period ended December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>193</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>50</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>243</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>243</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Assets incorporated by business combination (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>6,665</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>3,710</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,694</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,665</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>13,734</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>13,734</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,442</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,359</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>621</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>610</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5,032</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5,032</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Transfers of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Depreciation (ii)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(9)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(17)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Closing residual value </FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>182</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>49</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>231</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>9,107</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5,069</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,315</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,275</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>18,766</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>18,997</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.15pt">

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>At December 31, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>477</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>159</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>636</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>9,107</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5,069</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,315</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,275</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>18,766</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>19,402</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(295)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(110)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(405)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(405)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>182</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>49</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>231</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>9,107</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>5,069</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,315</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2,275</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>18,766</FONT></B></P></TD>

   <TD style="HEIGHT: 2.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>18,997</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 104.2pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -68.75pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Include furniture and fixtures, machinery and equipment and vehicles.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Depreciation charges of property, plant and equipment were included in &#8220;General and administrative expenses and Costs&#8221; in the statement of income (Note 29).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>46</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -125.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

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

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trading properties</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s trading properties for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

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

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0pt 0pt 28.35pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -28.35pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 2.65pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.8pt">

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0pt 0pt 28.35pt; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -28.35pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Completed properties</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Properties under development</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Undeveloped sites</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Completed properties</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Properties under development</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Undeveloped sites</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 17.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>At July 1st, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>119</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>135</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>135</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Transfers of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>114</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>131</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>131</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Assets incorporated by business combination (see Note 4)</FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>110</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>885</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,442</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,437</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,437</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>40</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>324</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>528</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>892</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>923</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Transfers of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>15</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>At December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>161</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>177</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>150</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,209</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,970</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,329</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,506</FONT></B></P></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11.5pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,295</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>128</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,211</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,506</FONT></B></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131</FONT></B></P></TD></TR></TABLE></DIV>

<a name="_bclFooter53"></a><DIV>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>47</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader54"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s intangible assets for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Operations Center Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Rights</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>of use (ii)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Right to receive </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>future units</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>under barter agreements (iii)</FONT></B></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Others (iv)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Goodwill not yet allocated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Licenses</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Information systems and software</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>At July 1st, 2014</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>85</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>142</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>142</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(18)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>21</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>85</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>12</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>124</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>124</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Year ended June 30, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>85</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>124</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>124</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Additions</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>5 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Residual value at the year end</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>21</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>90</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>31</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>148</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>148</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(21)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>20</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>90</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>11</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>127</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>127</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Period ended December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>127</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Assets incorporated by business combination (see Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>1,901</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>510</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>635</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>143</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>3,189</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>3,189</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>1,857</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>187</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>233</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>2,329</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>2,329</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Closing residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>20</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>90</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>126</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>3,758</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>697</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>868</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>195</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>5,518</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6,013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>Period ended December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>148</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>3,758</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>697</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>868</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>195</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>5,518</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>5,666</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(22)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.5pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>(22)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8.5pt"><FONT style="FONT-SIZE: 6.5pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>20</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>90</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>126</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>3,758</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>697</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>868</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>195</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>5,518</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8.5pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=#000000 face=arial,sans-serif>5,644</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.4pt 0pt 0in; LINE-HEIGHT: 3pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.4pt 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Amortization charges of intangible assets are included in &#8220;General and administrative expenses&#8221; in the statement of income (Note 29). There are no impairment charges for any of the years / period presented.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.4pt 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Correspond to Distrito Arcos Depreciation began in January, 2015, upon delivery of the shopping center.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.4pt 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Correspond to receivables in kind representing the right to receive residential apartments in the future by way of barter agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.4pt 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Includes computer software and others.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>48</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT style="FONT-SIZE: 14pt" lang=ES-AR face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0in 0in 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>s</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0in 0in 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>14.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0pt 0pt 21.3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Breakdown of Group&#8217;s inventories as of December 31, 2015 and June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center <BR>Israel</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center <BR>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Good for resale and supplies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,171</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,179</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Telephones and others communications equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Manufactured good and spare parts</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>84</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>101</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total inventories</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,490</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,515</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -86.2pt; MARGIN: 0in 0in 0pt 86.2pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial instruments by category</FONT></B></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Determination of fair values</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The fair value hierarchy adopted by the Group is described in Note 15 to the Annual Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following tables present the Group&#8217;s financial assets and financial liabilities that are measured at fair value as of December 31 and June 30, 2015 and their allocation to the fair value hierarchy:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="59%" colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Public companies securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>371</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Private companies securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>147</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>816</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>816</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Foreign-currency future contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>46</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Interest rate swaps</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cash and cash equivalents:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total operations center Argentina assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,574</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>46</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>242</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,862</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Israel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Public companies securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Private companies securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>747</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>747</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>67</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,585</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,163</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,560</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Derivatives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Trade receivables and others current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,621</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Financial assets held for sale</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,043</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total operations center Israel assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11,801</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,394</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,621</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,816</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,376</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,439</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,863</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>17,678</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>49</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_56"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader56"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Foreign-currency future commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Other borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>24</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total operations center Argentina liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>24</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>36</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- DIC and Cellcom derivatives</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>141</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>141</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Non-recourse loan</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,025</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,025</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total operations center Israel liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>141</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,025</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,166</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>153</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,049</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,202</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="59%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="41%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Public companies securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>349</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>438</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Private companies securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>102</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>102</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>145</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>145</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Bonds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>103</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>103</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Warrants of IDBD</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>228</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>228</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Warrants of Condor</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cash and cash equivalents:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment in associates:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- IDBD</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,529</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,529</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,198</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>356</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,554</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>50</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Commitment to tender offer shares in IDBD</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>501</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>501</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>- Other borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>501</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>527</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table presents the changes in Level 3 instruments as of December 31 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Preferred shares of Condor</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Non-current trade receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Warrants of Condor</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investment in associate IDBD</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Commitment to tender offer of shares in IDBD</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Total as of June 30, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>211</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(321)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(110)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(45)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(45)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total gains / (losses) for the year</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>138</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(135)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Balance at June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>349</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>(501)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(145)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Transfer to level 3</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,529</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(26)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,503</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Cumulative translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>434</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>85</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(2,689)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(2,188)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Acquisition of control over IDBD</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,187</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(1,050)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>500</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(7,337)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(6,700)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total losses / gain for the period (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(107)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(564)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(656)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>242</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>1,621</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(10,049)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(8,186)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp; The gain / (loss) is not realized as of December 31, 2015 and June 30, 2015 and is accounted for under &#8220;Financial results, net&#8221; in the statement of income (Note 32).</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-recourse loan </FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD resorts to 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&#8217;s share price.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>51</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Securities and warrants of Condor</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Upon initial recognition (January, 2012), the consideration paid for the Shares and Warrants of Condor was assigned to both instruments based on the relative fair values of those instruments upon acquisition. The fair values of these instruments exceeded the price of the transaction and were assessed using a valuation method that incorporates unobservable market data. Given the fact that the fair value of these instruments was estimated by applying the mentioned method, the Group did not recognize a gain of US$ 7.9 million at the time of initial recognition. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to Group estimates, all things being constant, a 10% decline in the price of the underlying assets of preferred Shares and Warrants of Condor (data observed in the market) of Level 3 as of December 31, 2015, would reduce pre-tax income by Ps. 28.6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to Group estimates, all things being constant, a 10% increase in the credit spread (data which is not observable in the market) of the preferred Shares and Warrants of Condor used in the valuation model applied to Level 3 financial instruments as of December 31, 2015, would increase pre-tax income by Ps. 2.6 million. The rate used as of December 31, 2015 was 14.10%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment in IDBD, associate and warrants </FONT></U></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As described in Note 3 to the annual financial statements, in Note 15 to the financial consolidated statements as of September 30, 2015 and until acquiring 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&#8217;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&#8217;s assets and liabilities on a line-by-line basis. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>52</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Pricing model</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Pricing method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Parameters</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Range</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Non-current trade receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Cash flows</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Projected discounted income </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>as per discount rate.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>5.20</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Interest rate swaps</FONT></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Cash flows</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Interest rate and cash flow future contract.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Preferred shares of Condor</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Binomial tree</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate).</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price 1 to 1.5</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Share price volatility 55% to 75%</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Money market interest-rate </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>0.8% to 1%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Warrants of Condor</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Black-Scholes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate).</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price 1 to 1.5</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Share price volatility 55% to 75%</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Money market interest-rate </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>0.8% to 1%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Call option of Arcos</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Discounted cash flow</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Projected income and discounted interest rate.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Foreign currency-contracts</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Benchmark price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>ROFEX futures curve</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Non-recourse loan </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Binomial tree</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.3pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price (obtained by the discounted cash flow valuation), capital cost, discounted market interest rate; control premium, underlying asset volatility.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price U$S 800MM to U$S 980MM, capital cost 11.9% to 14.5%, discounted market interest rate 7.4% to 12.4%, control premium 4% to 6%, underlying asset volatility 25% to 35%.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>16.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Restricted assets</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s restricted assets as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center <BR>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations <BR>Center </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.75pt">

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4.75pt">

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Guarantee deposits</FONT></P></TD>

   <TD style="HEIGHT: 4.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>342</FONT></P></TD>

   <TD style="HEIGHT: 4.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>342</FONT></P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current restricted assets</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>342</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>342</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>53</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other receivables </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s trade and other receivables as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center <BR>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations <BR>Center </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade, leases and services receivables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,621</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,718</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: allowance for doubtful accounts</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif>..................... </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,621</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,716</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>VAT receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>941</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>966</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings, deposits and other debit balances</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>443</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>468</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>83</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,384</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,467</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>178</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,005</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,183</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>115</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade, leases and services receivables</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>912</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,096</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,008</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>695</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(93)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>803</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,096</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,899</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>602</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax credits</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>78</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>429</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>491</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>99</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings, deposits and other debit balances</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,016</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,016</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>330</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>141</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>203</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>322</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>356</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current other receivables</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,202</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>942</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,144</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>541</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,005</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,038</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,043</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,143</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11.5pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,183</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,043</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,226</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11.5pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,258</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Movements on the Group&#8217;s allowance for trade and other receivables are as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period /year</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>82</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unused amounts reversed</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Used during the period / year</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>End of the period / year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>111</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>95</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The creation and release of provision for impaired receivables have been included in &#8220;Selling expenses&#8221; in the statement of income (Note 29). Amounts charged to the provision account are generally written off, when there is no expectation of recovering additional cash. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>54</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader61"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s investments in financial assets as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center <BR>Israel</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations <BR>Center <BR>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Public companies securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>369</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>421</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Private companies securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>687</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>834</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>102</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>362</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>362</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current financial assets at fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>506</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,126</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,632</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>523</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at amortized cost </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>180</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current financial assets at amortized cost</FONT></B><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>180</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in non-current financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,126</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,863</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>703</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mutual funds (i)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>477</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,585</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,062</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Public companies securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Private companies securities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>816</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,163</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,979</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>103</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,198</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,198</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current financial assets at fair value</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,305</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,006</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,311</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>265</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.05pt">

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bonds</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 10.05pt">

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current financial assets at amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></B></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></B></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in current financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,316</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,006</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,322</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>295</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,053</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,132</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,185</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>998</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 49.65pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>It includes shares granted as collateral to transact foreign currency future contracts (see Note 19).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>55</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Derivative Financial Instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s derivative financial instruments as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations Center <BR>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations<BR>Center <BR>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Warrants of Condor</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivatives</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Warrants of IDBD (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>199</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current derivative financial instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>206</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 3.7pt">

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign-currency future contracts</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Warrants of IDBD (Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivatives</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current derivative financial instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>235</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Commitment to tender offer shares in IDBD (Note 4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(264)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>DIC and Cellcom derivatives</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current derivative financial instruments</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(264)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Commitment to tender offer shares in IDBD (Note 4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(237)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign-currency future contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>DIC and Cellcom derivatives</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(74)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(74)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current derivative financial instruments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(74)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(86)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(237)</FONT></B></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(141)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(153)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(501)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.95pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total derivative financial instruments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34</FONT></B></P></TD>

   <TD style="HEIGHT: 2.95pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(121)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.95pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(87)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.95pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(266)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015, as part of the Group&#8217;s exchange rate risk management policy, it had executed foreign exchange rate futures in the amount of US$ 288.45, at an average exchange rate of Ps. 11.39 to US$ 1. As of December 31, 2015 the gain generated by these futures amounted to Ps. 911.95 and was booked under the line Gains (losses) from financial derivatives, net.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>56</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table shows the amounts of cash and cash equivalents as of December 31 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash at bank and on hand</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>466</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,561</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,027</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mutual funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,561</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,032</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>375</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Following is a detailed description of cash flows generated by the Group&#8217;s operations for the six-month periods ended December 31, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -7.1pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(910)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>47</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><I><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustments for</FONT></I><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax expense</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>236</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>379</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Disposals of unused property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Amortization and depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>85</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal of investment property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,029)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(801)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(8)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share-based payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Sale of goodwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from purchase of subsidiaries and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 1.25pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(Loss) / gain from derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(516)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>193</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in fair value of investments in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(201)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 1.25pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest expense, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>391</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>301</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 1.25pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(Loss) from disposal of associates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Provisions and allowances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>55</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share of profit of associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 1.25pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>681</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unrealized foreign exchange loss, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,590</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>127</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reversal of currency translation adjustments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(144)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(188)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><I><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in operating assets and liabilities:</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in trading properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(205)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(110)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in trade and other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>126</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>96</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in salaries and social security liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(17)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Net cash (used in) / generated by operating activities before income tax paid</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,095</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>627</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>57</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_64"></A>

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<a name="_bclHeader64"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table shows a detail of non-cash transactions occurred in the periods ended December 31, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Increase in trade and other payables through a decrease in liabilities from derivative instruments</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,653</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cumulative translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Tender Offer reserve through a decrease in liabilities from derivative instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>190</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Increase in investments in financial assets through an increase in trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>180</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Transfer of trading properties to investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Share-based payments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Transfer of property, plant and equipment to investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Use of tax loss carryforwards</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Repayments of borrowings with related parties through dividends receivable</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Increase in properties, plant and equipment through an increase in borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expired dividends</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>812</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Business combination</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>28,821</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>13,734</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,437</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,288</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Investments in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,043</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(3,597) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,546</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>6,695</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Derivative Financial Instruments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,822</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Restricted assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>250</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") credit</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>4,475</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Trade and other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(11,550)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(68,174)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(794)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,089)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(316)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Employee benefits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(405)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7,443)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2,235)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Goodwill not yet allocated</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,901</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total net assets added as a result of business combination</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7,777)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cash added as a result of a business combination</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>9,193</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>58</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>21.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other liabilities</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s trade and other payables as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></I>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>261</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>685</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>217</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>146</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>465</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>841</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>255</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>298</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,187</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,485</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>261</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accrued invoices</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>193</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,496</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,689</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale and rent payments received in advance</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,744</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,983</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>223</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>730</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,427</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,157</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>603</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends payable to non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other liabilities with non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,653</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,653</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>342</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>452</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>83</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>162</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>635</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>797</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,935</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>980</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,915</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>293</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,665</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,407</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,072</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>896</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,130</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,783</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,913</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,151</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 13pt"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>59</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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&nbsp; <A name="page_66"></A>

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<a name="_bclHeader66"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>22.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s Salaries and social security liabilities as of December 31, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social security payable</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current salaries and social security liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for vacation, bonuses and others</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,086</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,162</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>95</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social security payable</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current salaries and social security liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>105</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,086</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,191</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total salaries and social security liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>108</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,086</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,194</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>125</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>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&#8217;s liability 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></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>60</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Operations center in Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal claims</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investments</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>in associates and joint ventures (ii)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Sited dismantling and remediation (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal claims</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Onerous contracts (iv)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Guarantees and other provisions</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>At July 1st, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>47</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>177</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>224</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>224</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Additions (i)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>35</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>159</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>194</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>194</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Recovery (i)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Used during the period</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Contributions</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>29</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>29</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>29</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>63</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>363</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>426</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>426</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Additions (i)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>80</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>91</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Recovery (i)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(26)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(26)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Used during the period</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Contributions</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities added as a result of a business combination (see Note 4) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>201</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>733</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>108</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,089</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,089</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>172</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>172</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>74</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>268</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>40</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>399</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>571</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>At December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>64</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>582</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>646</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>64</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>275</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,001</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>148</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,488</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,134</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions and recoveries are included in "Other operating results, net".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>&nbsp;Corresponds to the equity interest in New Lipstick with negative equity. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>The Group&#8217;s companies are required to recognize certain costs related to dismantling assets and remediating sites here such assets are located.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>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&nbsp; 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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.7pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>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. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>61</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Disclosure of total provisions in current and non-current is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.65pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.55pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>592</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>824</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,416</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>374</FONT></P></TD></TR>

<TR style="HEIGHT: 11.55pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>664</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>718</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD></TR>

<TR style="HEIGHT: 11.55pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>646</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,488</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,134</FONT></B></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>426</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The amount of the provision for the Operations Center in Israel related to legal claims stands at&nbsp;$ 275 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Additionally, there are other processes and actions (collective and/or individual) that are at a preliminary stage or where the amount of the claim is not specified. Therefore, it is not possible to reasonably estimate i) the probabilities of success, or ii) the potential losses, all of which depends on the progress of the respective judicial proceedings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The main claims involving the Operations Center in Israel include the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Claims against Cellcom and its subsidiaries </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Most legal proceedings involve consumer claims and actions derived from these claims and petitions have been filed requesting that they be admitted as class actions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Claims against Shufersal and its subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Most legal actions pertain to consumer claims and petitions requesting that such claims be admitted as class actions. There are also individual legal actions brought by employees, subcontractors and suppliers.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>62</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown of the Group borrowings as of December 31 and June 30, 2015 was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="42%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>center in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,641</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,792</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,433</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,634</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank loans and others</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,834</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,965</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>102</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-recourse loan</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,025</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,025</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current borrowings</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,772</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76,651</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>82,423</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,736</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 4.25pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>180</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,250</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,430</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>337</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 4.25pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank loans and others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>160</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,445</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,605</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>204</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 4.25pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank overdrafts</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>706</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>807</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>681</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 4.25pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other borrowings</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 4.25pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current borrowings</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,070</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,796</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,866</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,248</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 4.25pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,842</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,447</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>99,289</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,984</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In relation to the Operations Center in Argentina for loans, see description in Note 24 to the annual financial statements.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif>IDBD has certain restrictions and financial covenants in connection with its financial debt, included in its debentures, loans from banks and financial institutions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif>As of September 30, 2015 IDBD reported that the application of the &#8220;Liquidity Covenant&#8221; and the &#8220;Economic Equity Covenant&#8221; (as they were described below) is currently suspended. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif>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 covenant by March 31, 2016.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>If such arrangement has not been reached, then with respect to the results for IDBD&#180;s first quarter of 2016 and thereafter, the previous financial covenants will re-apply. In the event that these covenants will re-apply, IDBD estimates that it will not be able to meet the thresholds which were determined in the past with respect to the Liquidity Covenant and the Economic Equity Covenant with respect to IDBD&#180;s results for the first quarter of 2016.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>63</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<a name="_bclHeader70"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face=arial,sans-serif>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 &#8220;Liquidity Covenant&#8221;). &nbsp;Regarding the Economic Equity Covenant, it is noted that the economic equity as of September 30, 2015, amounted to a positive balance of NIS 199 million, significantly lower than the thresholds which were determined in the past. In addition, in view of and due to the decrease in Mr. Ben Moshe&#8217;s holding rate in IDBD, beginning from February 2015 and thereafter, it should be noted that the lending corporations may claim that they have a right to demand immediate repayment in respect to IDBD and DIC loans due to the changes in IDBD's control structure. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>IDBD is continuing to work towards reaching understandings with the relevant lending corporations for the purpose of establishing the calculated financial covenants which were set forth in the provisions of its loan agreements as well as establishing a new control covenant (in connection to the mentioned above) and additional contractual issues in the loan agreements.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>64</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown of the Group borrowings as of December 31, 2015 was as follows: </FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 3.7pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations center in Israel</FONT></B></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.15pt">

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Debt</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IRSA</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others </FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IDBD</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>DIC</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shufersal</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cellcom</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>PBC</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 2.15pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,918</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,903</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,821</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,033</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,435</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,010</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,846</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,718</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,042</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>72,863</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 2.15pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank loans and others</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>154</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>118</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>291</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,167</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,228</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,272</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,595</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,279</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,570</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 2.15pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-recourse loan</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,025</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,025</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,025</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 2.15pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank overdrafts</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>586</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>68</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>706</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>101</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>101</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>807</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 2.15pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other borrowings</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -6.2pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 2.15pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total debt</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,523</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -7.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,125</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>194</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -4.4pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,842</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,688</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,027</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,846</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,990</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,696</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,447</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>99,289</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>65</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_72"></A>

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<a name="_bclHeader72"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown of the borrowings of Operations centers in Argentina and Israel is as follows:</FONT></P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 6.3pt">

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" colSpan=17>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Operations center in Argentina</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 17pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Company</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Secured / unsecured</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Series / Class</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Currency </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Rate </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>&nbsp;</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Payment date for capital</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Effective interest rate %</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Capital nominal value in million </FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Issue currency</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Book value </FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>December 31 </FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2015</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Non-convertible </FONT></B></FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>notes</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Series I</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps. </FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed / Floating </FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Badlar + 400ps</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>407</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>410</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Series I</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7.88%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>116</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,493</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Class I</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>8.50%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>150</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,023</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Class IV</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Badlar + 450ps</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>11</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>11</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Class II</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>11.50%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>139</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,884</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total non-convertible notes</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5,821</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1.25pt">

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1.25pt">

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Bank loans</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3.2% to 14.3%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Badlar</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>18</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3.2% to 14.3%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>257</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15.25%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>25</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>25</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15.25%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>12</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2018</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>26.50%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>9</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2018</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>23%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>106</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>107</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Badlar + 300</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>HASA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15.25</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>LLAO LLAO</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15.25</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NFSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ps.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>24%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>LIVECK</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>30</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>LIVECK</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3.50%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>72</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total bank loans</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>291</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Other borrowings</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>24</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Bank overdrafts</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>706</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Subtotal Operations center in Argentina</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6,842</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>66</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> in million</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>s</FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif> of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 12pt; TEXT-INDENT: -61.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="81%" colSpan=19>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Operations in Israel</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">&nbsp;</TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Secured / unsecured</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Series</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Currency </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Adjustment factor</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Date </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Payment date for capital</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Rate</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Effective interest rate %</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Capital nominal value in million </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Issue currency</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Book value </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>December 31 </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2016 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,130</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,877</FONT></P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Non-convertible notes</FONT></B></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>I</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020 &#8211; 2025</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.95%</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>881</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,273</FONT></P></TD></TR>

<TR style="HEIGHT: 2.6pt">

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>J</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.60%</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>721</FONT></P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>883</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>D</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2012 &#8211; 2016 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.00%</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,263</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>439</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017 &#8211; 2025 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.95%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,958</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>8,293</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2012 &#8211; 2016 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.35%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>39</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>56</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>H</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2014 &#8211; 2019 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.45%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>187</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>453</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>I</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2010 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.70%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,482</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,194</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>B</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2019 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.20%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,706</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6,167</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>C</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2010 &#8211; 2017</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.45%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>858</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>813</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>D</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2014 &#8211; 2029 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2.99%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>472</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,483</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>E</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2014 &#8211; 2029 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.09%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>448</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,493</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020 &#8211; 2028 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.30%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>317</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,054</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>B</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2013 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.30%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>925</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,582</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>D</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2013 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.19%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,423</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,489</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>E</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2012 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.25%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,799</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,188</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017 &#8211; 2020 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.60%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>715</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,680</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2017 &#8211; 2019 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.99%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>285</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,081</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>H</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2018 &#8211; 2024 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1.98%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>950</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,983</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cellcom</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>I</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2018 &#8211; 2025 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.14%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>558</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,843</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>C</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2009 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,069</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,581</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>D</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2020 &#8211; 2025 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.95%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,114</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4,934</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2023 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.95%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>955</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,599</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2025 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7.05%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>632</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,481</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Gav-Yam Series E</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2014 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.55%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>707</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,804</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Gav-Yam Series F</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2021 &#8211; 2026 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.75%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,226</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5,790</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Gav-Yam Series G</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2013 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.41%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>537</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,171</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ispro Series B </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2007 &#8211; 2021 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.40%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>581</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,358</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total non-convertible notes</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>67,042</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.25pt">

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1.25pt">

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Bank loans</FONT></B></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured (1)</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Prime + 1.3%</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>415</FONT></P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,165</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured (1)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2019 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Prime + 1%</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>259</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2020 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Prime + 0.65%</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>186</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured (2)</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6.90%</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>557</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2015 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.39%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>250</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>202</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2.12%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>223</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>417</FONT></P></TD></TR>

<TR style="HEIGHT: 4.55pt">

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2015 &#8211; 2018</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.90%</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>250</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>314</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2.20%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>250</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>295</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.95%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.95%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.75%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.40%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shufersal </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2017 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3.25%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2020 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3.60%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>75</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IPC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2020 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.30%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,004</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4,830</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PBC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2020 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.00%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1,569</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5,367</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bartan </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2022 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2.80%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bartan </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2022 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDB Tourism </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIL</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.66%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>207</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>727</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDB Tourism </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIL</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5.21%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDB Tourism </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NIS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 &#8211; 2018 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4.70%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>27</FONT></P></TD></TR>

<TR style="HEIGHT: 2.1pt">

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBG</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>V</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>TIL</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2015 - 2015</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Libor + 5%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>212</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>596</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IDBG</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>N/A (3)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>12% - 5%</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>194</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total bank loans</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15,279</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Other borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Bank overdrafts</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>101</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Non-recourse loan</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>10,025</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 6.5pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Subtotal Operations center in Israel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 6.5pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 6.5pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>92,447</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; &nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>They pertain to a bank loan in the amount of NIS 750 million, where repayment of principal had been deferred for three years starting March 2014 until March 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>In May 2012, IDBD was granted a secured loan in the amount of NIS 150 million by the financial institutions of Menorah Group. Principal is repayable in two installments of NIS 50 million and NIS50 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. These stock options may be exercised until May 2016. The loan was secured by shares of DIC, Clal Industries Ltd. and Clal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Without preset maturities.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>67</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>25.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The details of the provision for the Group&#8217;s income tax, is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current income tax</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(130)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(614)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(106)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>237</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum Presumed Income tax (MPIT)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(236)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(379)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The gross movement on the deferred income tax account is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Added as a result of the business combination (see Note 4)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,597)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Use of tax loss carryforwards</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(157)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Change of non-controlling interest</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cumulative translation adjustment</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,319)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets held for sale</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax expense and deferred income tax</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(106)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>170</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>End of period / year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,052)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group did not recognize deferred income tax assets of Ps. 43.6 and Ps. 36.1 as of December 31, 2015 and June 30, 2015, respectively. Although management believes that it will become profitable in the foreseeable future, as a result of the history of recent losses incurred during the development phase of certain Group&#8217;s business operations and the lack of verifiable and objective evidence due to the limited operating history of such Group&#8217;s operations, the Board of Directors has determined that there is sufficient uncertainty as to the generation of sufficient taxable income to utilize the losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a reconciliation between income tax recognized and that which would result applying the prevailing tax rate on Profit before income tax for the six-month periods ended December 31, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax calculated at the tax rates applicable to profits in the respective countries</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>179</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(108)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Permanent differences:</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of (loss) / profit of associates and joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(378)</FONT></P></TD>

   <TD style="HEIGHT: 5.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(314)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unrecognized tax losses carryforwards</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Valuation changes and sale of shares Torodur</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-taxable income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(34)</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD></TR>

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   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(236)</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(377)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0.1in; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum Presumed Income tax (MPIT)</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>68</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown and explanation of shareholders&#8217; equity has not changed from June 30, 2015, and should therefore be read in Note 29 to the Annual Financial Statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s other reserves for the years ended December 31, 2015 and 2014 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Cost of treasury stock </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Changes from non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Reserve for </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>share-based payments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Reserve </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>for </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>future dividends</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Reserve for tender offer to non-controlling shareholders</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>other reserves</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at July 1st, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(34)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>64</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>306</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>330</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income for the period</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif>...... </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total comprehensive income for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for future dividends - Shareholders' meeting held 11.26.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>520</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>520</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes from non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cumulative translation adjustment held before business combination</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Tender offer to non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(30)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>64</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>520</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(190)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>366</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>760</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="70%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD></TR>

<TR style="HEIGHT: 31.2pt">

   <TD style="HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 31.2pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cost of treasury stock</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Changes from non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reserve for</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>share-based payments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reserve</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>for new developments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reserve for tender offer to non-controlling shareholders</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reserve</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>other reserves</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at July 1st, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(38)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(22)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>53</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>414</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>399</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>806</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive loss for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(152)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(152)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total comprehensive loss for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(152)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(152)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Distribution of retained earnings approved by Shareholders&#8217; meeting held 11.14.14</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(414)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(414)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes from non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(38)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>55</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>247</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>259</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Dividends </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the period ended December 31, 2015 there were no distributions of dividends</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>69</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_76"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Base rent</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>732</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>602</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Contingent rent</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>357</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>257</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Admission rights</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Averaging scheduled rent escalation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parking fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Letting fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property management fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental and service income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,326</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,040</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale of trading properties</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenue from hotel operations</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>243</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>213</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total income from sales, rents and services</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,570</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,259</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses adjustment and FPC</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>594</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>439</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total revenues </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,164</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,698</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs of rental and services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>795</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>590</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales and developments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs from hotel operations</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>170</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total costs </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>972</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>735</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group disclosed expenses the statements of income by function as part of the line items &#8220;Costs&#8221;, &#8220;General and administrative expenses&#8221; and &#8220;Selling expenses&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following tables provide the additional required disclosure of expenses by nature and their relationship to the function within the Group. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>70</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>For the period ended December 31, 2015: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="59%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="29%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Group Costs</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 28.6pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 28.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sale and development</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs of rental and services</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs from hotel operations</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>244</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>103</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>78</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>446</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance, security, cleaning, repair and others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>246</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advertising and others selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>169</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>183</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes, rates and contributions</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>130</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization and depreciation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>106</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fees and payments for services</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Food, beverage and other lodging expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Leases and service charges</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif>........................................ </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Allowance for trade and other receivables (charge and recovery)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales of properties</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 1.15pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total expenses by nature </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>795</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>170</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>273</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,365</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -42.55pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>71</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>For the period ended December 31, 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="59%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="29%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Group Costs</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 28.6pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sale and development</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs of rental and services</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost from hotel operations</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 28.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>178</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>78</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>324</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance, security, cleaning, repair and others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>152</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>182</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advertising and others selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes, rates and contributions</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization and depreciation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fees and payments for services</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>35</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Food, beverage and other lodging expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Leases and service charges</FONT><FONT style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Allowance for trade and other receivables (charge and recovery)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales of properties</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="41%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total expenses by nature </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>590</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>162</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>981</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>72</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_79"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Employee costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries, bonuses and social security expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>400</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>297</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs of equity incentive plan and defined contribution plan</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other employee costs and benefits</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total employee costs</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>446</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>324</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>31.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating results, net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of equity interest in an associate</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses related to transfers of investment property to subsidiaries (1)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(110)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of currency translation adjustment (2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>148</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>188</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Donations</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(19)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Judgments and other contingencies (3)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total other operating results, net</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>On December 22, 2014, IRSA conveyed title on the properties located in Bouchard 710, Suipacha 652, Torre BankBoston, Rep&#250;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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>As of December 31, 2015, Ps. 143.5 million correspond to the reversal of currency translation adjustment before business combination with IDBD and Ps. 4.8 million to (the reversal of the translation reserve generated in Rigby following the partial repayment of principal of the company). As of December 31, 2014, corresponds to the reversal of the translation reserve generated in Rigby following the partial repayment of principal of the company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Includes legal costs and expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial results, net</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5.15pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operations center in Argentina</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.15pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income:</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.15pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Interest income</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Foreign exchange</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>311</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Dividends income</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total finance income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>374</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs:</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Interest expense</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(444)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(327)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Foreign exchange</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,620)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(178)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other finance costs</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(74)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(40)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Subtotal finance costs</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,138)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(545)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: Capitalized finance costs</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total finance costs</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,138)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(535)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other financial results:</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Fair value (loss) gain of financial assets and liabilities at fair value through profit or loss, net</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(976)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>201</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 4.3pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Gain (loss) on derivative financial instruments, net</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(193)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total other financial results</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(460)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total financial results, net</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,224)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(479)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>73</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>33.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Employee benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Due to the business combination described in Note 4, the Group has included the benefits granted in the Operations Center in Israel; the remaining benefits granted in the Operations Center in Argentina have not experienced changes and are described under Notes 25 and 26 to the consolidated financial statements ended June 30, 2015. Benefits to hired employees include post-employment benefits, retirement benefits, share-based plans and other short and long term benefits. The Group&#8217;s liabilities in relation to severance pay and/or retirement benefits of Israeli employees are calculated in accordance with Israeli laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of unfunded obligations</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>513</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of funded obligations</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>224</FONT></P></TD></TR>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B><B><FONT style="FONT-SIZE: 8pt" color=#222222 face=arial,sans-serif> Present value of defined benefits obligations (post-employment)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value of plan assets</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(188)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Recognized liability for defined benefits obligations</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>549</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities from grants</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities from vacation and remuneration of employees</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities from termination (including early retirement)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>580</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets designed for payment of benefits for employees</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounts payable and credit balances</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>556</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase in minimum salaries in Israel. Effect on employees-benefit plans Shufersal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In January 2016, an amendment was approved to Minimum Salary Law. According to Shufersal estimates, the increase in the minimum salary may have an adverse effect on the business performance and lead to an increase in charges to income related to benefit plans.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>74</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties transactions</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the normal course of business, the Group conducts transactions with its parent company, associates and joint ventures, or different entities or individuals related to it. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As mentioned in Note 4, on October 11, 2015, the Group took 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. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of these financial statements, the Group conducted transactions with related parties included in their two large Operations Center: Israel and Argentina, there being no significant transactions with related parties involving both Operations Centers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below are the most significant transactions conducted with related parties in each of the operations centers, their balances as of December 31, 2015 and June 30, 2015 and the corresponding income for each of the reporting periods in these financial statements:</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operations center in Argentina:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Purchase and sale of goods and/or service hiring</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the normal course of its business and with the aim of make resources more efficient, the Group, or its related parties, including its parent company, purchases supplies and materials, and/or hires services on behalf of a company which later sells and/or recovers for companies of the Group or other related parties, based upon their actual utilization.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net receivable balances in the amount of Ps. 5 and Ps. 6, respectively, with its controlling company, associates, joint ventures and other related parties, related to sales of advertising seconds to third parties, sales of inputs and materials, and reimbursement of expenses for acquired and/or lent services, among others. These operations do not entail profits to the company recovering expenses, for the same are carried out as per the cost value of the goods or services acquired.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>75</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 25.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Corporate Service Agreement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On June 30, 2004, the Group and its parent Company, Cresud, entered into a Master Agreement for the Exchange of Corporate Services (&#8220;Frame Agreement"), automatically renewable every 24 months for equal periods, unless it is terminated by any of the parties upon prior notice. Given that companies have operating areas with certain common characteristics, the Master Agreement seeks to reduce its incidence on operating performance, leveraging and optimizing the individual efficiencies of each of the companies in the various areas that form part of the operating administration. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net payable balances in the amounts of Ps. 30 and Ps. 52, respectively, with its controlling company. For the six month period ended December 31, 2015 and 2014, the Group recorded corporate service expenses in the amount of Ps. 55 and Ps. 44, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Legal services</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group hires legal services from Estudio Zang, Bergel &amp; Vi&#241;es, Our Vice-president, Sa&#250;l Zang, and our alternate directors, Juan M. Quintana, Salvador D. Bergel, and D. Pablo Vergara del Carril are members of that law firm. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group maintains net payable balances in the amount of Ps. 0.5 with the Estudio Zang, Bergel &amp; Vi&#241;es. For the six month period ended December 31, 2015 and 2014, the Group recorded legal services expenses in the amounts of Ps. 3 and Ps. 2, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property leases and/or rights of use</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group normally leases diverse spaces in its Shopping Centers (stores, stands, storage rooms or advertising spaces) to its associates Tarshop and BHSA, and to a lesser extent to other related parties. Lease agreements entered into with associates included similar provisions to those included in agreements with third parties. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Additionally, the Group assigned under a free-use contract certain spaces in some of its shopping centers to Fundaci&#243;n Museo de los Ni&#241;os, a non-profit organization, to establish the &#8220;Museo de los Ni&#241;os, Abasto&#8221; and &#8220;Museo de los Ni&#241;os, Rosario&#8221;, to interactive learning centers for children and adults. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>76</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 25.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group, together with its parent company, rent the offices of Eduardo S. Elsztain, property of Isaac Elsztain e Hijos S.C.A. (a company controlled by certain relatives of Eduardo S. Elsztain) and Hamonet S.A. (a company controlled by Fernando A. Elsztain, director of the Group and cousin of Eduardo S. Elsztain), under operating lease contracts, under standard terms and conditions, renewables, expiring in 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Furthermore, the Group leases certain floors and parking space at the Intercontinental Plaza building owned by the Group to its parent company, under operating leases agreements under standard terms and conditions which expires in 2017. The Group also leases certain floors and parking space of its building Suipacha 652 to its associate Tarshop, under operating leases agreements which expires in 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net receivable balances in the amount of Ps. 0.50 and Ps. 2, respectively, with its related parties. The Group recognized income from leases and services provided of Ps. 10 and Ps. 3 for the six-month periods ended December 31, 2015 and 2014, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Remuneration of the Board of Directors and Top Management&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The remuneration of directors for each fiscal year is based on the provisions established by the Law N&#176; 19,550, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded by the Company during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders&#8217; Meeting. The members of 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The remuneration earned by Top 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. Also, they participate in defined contribution and share-based incentive plans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net payable balances in the amount of Ps. 28 and Ps. 41, respectively, with Directors and Top Management members. The Group incurred a charge from remuneration to Board of Directors and Top Management of Ps. 70 and Ps. 43 for the six-month periods ended December 31, 2015 and 2014, respectively.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>77</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt 25.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial operations </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities with related parties. These loans generally accrue interest at market rates and are cancelable wholly or partially prior to the due date, either in cash and/or through capitalization (conversion into shares), and/or by way of offsetting arrangements involving debit and credit balances existing between the parties. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net receivable balances in the amount of Ps. 1,119 and Ps. 3,083, respectively, with related parties. The most significant are the following: a loan granted to IFISA for an amount of US$ 40, with maturity on October 8, 2016. Its balance as of December 31, 2015 was Ps. 525. For the six-month periods ended December 31, 2015 and 2014, the Group recognized a loss of Ps. 52 and Ps. 16, respectively, from which Ps. 3 correspond to the borrowing to IFISA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In March 2015, the Group, through ERSA and PAMSA, purchased 12,072,900 non-convertible Notes at nominal value from Cresud, for a total amount of Ps. 109.9. As of December 31 the remaining balance is Ps. 131.5 and financial income (loss) amounts to Ps. 42.7. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In February 2015, the Group, through Dolphin sold 71.39 million IDBD shares to IFISA, at the closing price of NIS 1.39 per share, making a total of NIS 99.23 million, equal to US$ 25.65 million at the exchange rate prevailing on the transaction date. As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net receivable balances in the amount of Ps. 290 and Ps. 199, respectively. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In June 2015, the Group subscribed Convertible Notes into ordinary shares, issued by BACS for a face value of 100,000,000. As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net receivable balances in the amount of Ps. 100.5 and Ps. 110.9, respectively. For the six-month period ended December 31, 2015, the Group recognized a gain of Ps. 10.4.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>78</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 25.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Donations </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Fundaci&#243;n IRSA is a non-profit 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&#8217;s employees. The main members of Fundaci&#243;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 founds its activities with the donations made by the Group. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015, the Group recognized a charge of Ps. 3 and Ps. 2, respectively, corresponding to donations.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Furthermore, in the course of its normal operations, the Group grants donations to other foundations and institutions related to the Group through high-rank personnel. The Group incurred a charge, related to other donations, of Ps. 0.1 and Ps. 0.1 for the six-month periods ended December 31, 2015 and 2014, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Services rendered and received</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group provides management services to associates, joint ventures and other related parties. As of December 31, 2015 and June 30, 2015, the Group maintains aggregate net receivable balances in the amount of Ps. 5 and Ps. 3, respectively, with related parties. The Group incurred a charge, related to management fees, of Ps. 2 and Ps. 2 for the six-month periods ended December 31, 2015 and 2014, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -32.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>35.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Leases</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As a result of the business combination described in Note 4, the Group has included a breakdown of existing leases in the Operations Center of Israel, the leases pertaining to the Operations Center in Argentina have not experienced significant modifications and are described under Note 28 to the consolidated financial statements as of June 30, 2015. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>79</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>35.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Leases </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The future aggregate minimum lease proceeds under IDBD's non-cancellable operating leases are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>No later than one year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>754</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From one year to five year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,179</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Later than five years</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,523</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total employee costs</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,456</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 86.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -86.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>36.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Fiscal year 2015 20-F Annual Report </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>IDBD prepares its financial statements in accordance with Israeli auditing standards and files consolidated financial statements publicly with the Israel Securities Authority.&nbsp; As of June 30, 2015, we held a non-controlling 49% interest in IDBD.&nbsp; As a result, and as disclosed in our annual report on Form 20-F for the fiscal year ended June 30, 2015, we did not have the power to direct IDBD to prepare and provide to us any financial statements audited in accordance with auditing standards generally accepted in the United States (&#8220;U.S. GAAS&#8221;).&nbsp; For this reason, we included in our annual report on 2015 Form 20-F certain financial statements of IDBD prepared in accordance with Israeli auditing standards, including IDBD&#8217;s unaudited consolidated financial statements as of and for the fiscal year ended December 31, 2014 which are at the time of filing IRSA&#8217;s 2015 Form 20-F were IDBD&#8217;s most recent annual consolidated financial statements.&nbsp; IDBD is currently preparing for the first time consolidated financial statements under U.S. GAAS for its fiscal year ended December 31, 2014.&nbsp; We intend to file such IDBD financial statements publicly with the SEC, and accordingly to amend our 2015 Form 20-F, as soon as we receive the financial statements from IDBD.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>37.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Subsequent events </FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>On January 21, 2016 the holders of warrants Series 4 of IDBD asked the district court of Tel Aviv to order IDBD to take all steps required to extend the exercise date and of warrants Series 4 to a date at least 30 days after the implementation of the first part of the Tender Offers, considering that the exercise date for such warrants had been set for February 10, 2016. On February 4, 2016 the Court decided to grant the petition and thus extended the exercise of warrants Series 4 to May 10, 2016. On February 9, IDBD filed an appeal with the Supreme Court where IDBD requests that the decision dated February 4 be overruled and a new exercise date be set as near as possible to the original exercise date; as of the date of these financial statements, no answer has been given to such request.</FONT></FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>80</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> (Continued)</FONT></FONT><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>37.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Subsequent events</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On January 24, 2016, the Board of IDBD approved a public offering to be conducted on February 2016 in the amount of 700 million common shares at a price per share above NIS 0.714 per share (equal to&nbsp;$ 2.3919 per share at the exchange rate of 3.35), which is equal to a minimum offer of NIS 500 million (or&nbsp;$ 1,674 at the exchange rate of 3.35). On February 1, 2016 IDBD received a letter from the minority shareholder&#8217;s attorney, where it claims that the prospective offer mentioned above requires approval pursuant to section 275 of the Business Companies Act, 5759-1999, including the approval of the Shareholders&#8217; Meeting where the majority of the shareholders lack any personal interest in the issuance, for in the note the attorney alleges there is a personal interest in the issuance in question. As of the balance sheet date, there is no certainty as to the final terms of the public offering.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On February 2, 2016, IRSA CP transferred title to 851 square meters pertaining to an office floor and 8 parking lot units at the Intercontinental Plaza building to an unrelated party, with a remaining 6,308 square meters in this building being owned by the Company. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=arial,sans-serif>The transaction price was Ps. 41.5, which has already been fully paid. Gross profit of this operation amounts to Ps. 19.8 approximately.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On February 5, 2016, 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 (as defined in note 4) 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.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On February 7, 2016, and pursuant to the arbitration proceeding started in 2015 between Extra and Dolphin, Extra filed with the arbitrator a claim against Dolphin, IFISA and Eduardo Elsztain claiming failure to comply with shareholders&#8217; agreement and other commitments for the purpose of taking over IDBD. In its claim Extra requests an instruction order requiring that both Dolphin and IFISA, jointly and severally, pay to Extra at least NIS 1,250 million, plus expenses and interests, which include the nominal loss incurred by Extra in its investment in IDBD, the earnings that Extra expected to make on its investment in IDBD and additional compensation. Based on the arbitration terms, Dolphin and IFISA have 21 days as from the date Extra filed its claim to file their defense and any counterclaim, if any. Dolphin is analyzing the best available strategy to this end.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>To the Shareholders, President and Directors of</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Legal address: Bolivar 108 &#8211; 1&#176; floor</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Autonomous City Buenos Aires</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Tax Code No. 30-52532274-9</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Introduction</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia>We have reviewed the unaudited condensed interim </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 97%" face=georgia>consolidated financial statements </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia>of IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia> and its subsidiaries (hereinafter &#8220;the Company&#8221;) which included the unaudited condensed&nbsp; interim </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 97%" face=georgia>consolidated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia> statement of financial position as of December 31,&nbsp;2015, and the unaudited condensed interim </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 97%" face=georgia>consolidated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia> statements of income and comprehensive income for the six-month period and three-month period ended December&nbsp;31,&nbsp;2015, the unaudited condensed interim </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 97%" face=georgia>consolidated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia> statement of changes in shareholders&#8217; equity and unaudited condensed interim consolidated statement of cash flows for the six-month period ended December 31, 2015 and selected explanatory notes. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia>The balances and other information corresponding to the fiscal year ended June 30, 2015 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to those financial statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia>Management responsibility</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>The Board of Directors of the Company is responsible for the preparation and presentation of&nbsp; these unaudited condensed interim consolidated financial statements &nbsp;in accordance with the International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE)&nbsp; as professional accounting standards and added by the National Securities Commission (CNV) to its regulations as approved by the International Accounting Standard Board (IASB) and , for this reason,&nbsp; is responsible for the preparation and presentation of the unaudited condensed interim consolidated &nbsp;financial statements above mentioned in the introductory paragraph according to the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34). </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Scope of our review</FONT></B></P>

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<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 115%" color=black face=georgia>Our review was limited to the application of the procedures established in the International Standard on Review Engagements ISRE 2410 "Review of interim financial information performed by the independent auditor of the entity", which was adopted as a review standard in Argentina in Technical Resolution No. 33 of the FACPCE, without modification as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for the preparation of the information included in the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face=georgia>unaudited condensed interim consolidated financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 115%" color=black face=georgia>, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated statement of financial position, the consolidated statement of income</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 115%" face=georgia>, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 115%" color=black face=georgia>the consolidated statement of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 115%" face=georgia> comprehensive income</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 115%" color=black face=georgia> and consolidated statement of cash flow of the Company.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Conclusion</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements above mentioned in the introductory paragraph of this report have not been prepared in all material respects in accordance with International Accounting Standard No. 34.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Emphasis paragraph</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Without modifying our conclusion, we want to refer to the information included in Note 1 of these unaudited condensed interim consolidated financial statements.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Report on compliance with current regulations</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>In accordance with current regulations, we report about IRSA Inversiones y Representaciones Sociedad An&#243;nima that:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>unaudited condensed interim consolidated financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima are recorded in the "Inventory and Balance Sheet Book", and comply, as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>regards</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia> those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and in the corresponding resolutions of the National Securities Commission;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>the unaudited condensed interim </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>separate </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>financial statements of&nbsp; IRSA Inversiones y Representaciones Sociedad An&#243;nima arise from accounting records carried in all formal respects in accordance with applicable legal provisions;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>we </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>have</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> read the Business Summary (&#8220;Rese&#241;a Informativa&#8221;) on which, as regards these matters that are within our competence, we have no observations to make;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>at December 31, 2015, the debt of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> owed in favor of the Argentina Integrated Pension System which arises from accounting records and submissions amounted to Ps. 115,656 which was no callable at that date.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Autonomous City of Buenos Aires, February 11, 2016</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 16.3pt 0pt 11.35pt" align=center><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman">PRICE WATERHOUSE &amp; Co. S.R.L.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Socio</FONT></U><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman">)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">Eduardo A. Loi&#225;cono</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">Contador P&#250;blico (UBA)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman">C.P.C.E.C.A.B.A. T&#176; 326&nbsp; F&#176; 94</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Socio)</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">C.P.C.E. C.A.B.A. T&#176; 1 F&#176; 30</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">Noem&#237; I. Cohn</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">Contador P&#250;blico (U.B.A.)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: char; LINE-HEIGHT: 12pt" face="Times New Roman">C.P.C.E.C.A.B.A. T&#176; 116 F&#176; 135</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=gray face=Arial,sans-serif>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 18pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>Unaudited Condensed Interim Separate Financial Statements as of December 31, 2015 and for the six-month periods ended December 31, 2015 and 2014</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Financial Position </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>as of December 31, 2015 and June 30, 2015</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>06.30.2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>504</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>412</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Intangible assets </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in subsidiaries, associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,430</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,315</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax assets </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>124</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>283</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income tax and minimum presumed income tax credit </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>95</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,187</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,248</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in financial assets </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Non-current Assets </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,520</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,524</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>215</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") credit</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in financial assets </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>515</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current Assets </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>929</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>327</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL ASSETS </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,449</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,851</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share capital </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>575</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>574</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury stock </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation adjustment of share capital and treasury stock</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share premium </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>793</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>793</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additional paid-in capital from treasury stock </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Legal reserve </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>117</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>117</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Special reserve </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other reserves</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>760</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>330</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(486)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>521</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL SHAREHOLDERS&#8217; EQUITY </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,903</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,474</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and other payables </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>184</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,059</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,819</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16 and 5</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>323</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>583</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,572</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,406</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and other payables </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>94</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries and social security liabilities </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>820</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>850</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>974</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>971</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,546</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,377</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL SHAREHOLDERS&#8217; EQUITY AND LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,449</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,851</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 11.35pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements. </FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>1</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="MARGIN: 0in 11.35pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 14.2pt">

<B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Income</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six and three-month periods beginning on July 1<SUP>st</SUP> and October 1<SUP>st</SUP>, 2015 and 2014 and ended </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>December 31, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.9pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Six months</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Three months</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 22.95pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from sales, rents and services</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>135</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(48)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(24)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>729</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>454</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>640</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>434</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(59)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(43)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(35)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>675</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>517</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>609</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>463</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit of subsidiaries, associates, and joint ventures</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(542)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(126)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(339)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(209)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations before financial results and income tax</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>391</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>270</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>254</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,129</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>989</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 11.15pt">

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance cost</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,546)</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(347)</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,320)</FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(146)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other financial results</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(69)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial results, net</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(323)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(400)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(142)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit before income tax</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(354)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(130)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(133)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(64)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(81)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(211)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.85pt">

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit per share for the period:</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.847)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.008</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.367)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.002</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Diluted </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.847)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.008 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.367)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.002</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>2</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.35pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Comprehensive Income </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six and three-month periods beginning on July 1<SUP>st</SUP> and October 1<SUP>st</SUP>, 2015 and 2014 and ended </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>December 31, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0in 11.35pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Six months</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Three months</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(211)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other Comprehensive Income:</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Items that may be reclassified subsequently to profit or loss:</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment of subsidiaries, associates, and joint ventures</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>204</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(152)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>169</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(189)</FONT></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income (loss) for the period (i)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>204</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(152)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>169</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(189)</FONT></B></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total comprehensive loss for the period</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(283)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(148)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(42)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(186)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 21.3pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i) Components of other comprehensive income have no impact on income tax.</FONT></P>

<P style="MARGIN: 0in 2.85pt 0pt 21.3pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>3</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Changes in Shareholders&#8217; Equity </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six-month periods ended December 31, 2015 and 2014 </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 8.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share Capital</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Treasury Stock</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Inflation adjustment of Share Capital <BR>and Treasury</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Stock (2)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share premium</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Additional Paid-in Capital from Treasury Stock</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal reserve</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Special reserve </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other reserves</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(Note 19)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 9.5pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>574</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>123</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>793</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>117</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>330</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>521</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2,474</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Loss for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(487)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total comprehensive income / (loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>204</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(487)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(283)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Creation / release of reserves</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>520</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(520)</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Tender offer to non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation </FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cumulative translation adjustment for interest held before business combination</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="HEIGHT: 8.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>575</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>123</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>793</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>117</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>760</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(486)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1,903</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Includes Ps. 1 of inflation adjustment of Treasury Stock. See Note 19.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>4</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Changes in Shareholders&#8217; Equity </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six-month periods ended December 31, 2015 and 2014 </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share capital</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Treasury Stock</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Inflation adjustment <BR>of Capital and Treasury Stock (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.25pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Share </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 5.25pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>premium</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal reserve</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Special reserve (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other reserves</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(Note 19)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9.5pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at June 30, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>574</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>123</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>793</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>117</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>375</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>806</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(785)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>2,008</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit for the period</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income for the period</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(152)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(152)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total comprehensive income for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(152)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(148)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>Reimbursement of expired dividends</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Appropriation of retained earnings approved by Shareholders&#8217; meeting held 11.14.14</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(371)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>(414)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>785</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Acquisition of non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>574</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>123</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>793</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>117</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>259</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>1,880</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 18.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 18.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes Ps.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> 1 </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>of inflation adjustment of Treasury Stock. See Note</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> 19.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>5</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_97"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="MARGIN: 0in 11.25pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Cash Flows </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the six-month periods ended </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>December 31, 2015 and 2014</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12.31.2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating activities:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash generated from the operations</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>80</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>74</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>80</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>74</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investing activities:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contributions to subsidiaries, associates and joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(504)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(12)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(166)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of property</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>90</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>768</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>505</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from transfers of assets to subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,387)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(988)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,229</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>569</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest received</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted to subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share-holding decrease / (increase) in equity investees associates</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>77</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>142</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by investing activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>246</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>132</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financing activities:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank overdrafts, net </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>231</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from borrowings</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>110</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of non-convertible notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(96)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends paid</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(48)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest paid</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(218)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(177)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds / (Acquisition) of derivative financial instruments</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>55</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of borrowings from subsidiaries, associates and joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from borrowings from subsidiaries, associates and joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Repurchase of non-convertible notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(121)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reissuance non-convertible notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of borrowings</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(100)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash used in financing activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(248)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(110)</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net increase in cash and cash equivalents</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>78</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>96</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at the beginning of the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>43</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at end of period</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>81</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.55pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>139</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

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   <P><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><BR>Alejandro G. Elsztain <BR></FONT><FONT style="FONT-SIZE: 7pt; FONT-FAMILY: arial">Vice President II <BR>Acting as President</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>6</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General information and company&#8217;s business</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA was founded in 1943, primarily engaged in managing real estate holdings in Argentina since 1991.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA is a corporation incorporated and domiciled in Argentina. The registered office is Bol&#237;var 108, 1st Floor, Autonomous City of Buenos Aires, Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company owns, manages and develops, directly and indirectly through its subsidiaries, a portfolio of office and other rental properties in Buenos Aires. In addition, IRSA through its subsidiaries, associates and joint ventures manages and develops shopping centers and branded hotels across Argentina, and also office properties in the United States of America and Israel. As mentioned in Note 1 to the Unaudited Condensed Consolidated Financial Statements, on October 11, 2015 IRSA acquired control over IDBD. This Israeli company is one of the largest and most significant conglomerates of Israel, which takes part in many markets and sectors of the industry. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Separate Financial Statements have been approved for issue by the Board of Directors on February 11, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation of the Unaudited Condensed Interim Separate Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0pt 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Unaudited Condensed Interim Financial Statements have been prepared in accordance with the Technical Resolution N&#176; 26 of the Argentine Federation of Professional Councils of Economic Science and with IAS 34 &#8220;Interim Financial Reporting&#8221;. Furthermore, some additional issues were included as required by the Law N&#176; 19,550 and/or regulations of the CNV, including supplementary information provided in the last paragraph of section 1, Chapter III, Title IV of General Ruling 622/13 of the CNV. Such information is included in the Notes to these Unaudited Condensed Interim Separate Financial Statements according to IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Financial Statements should be read together with the annual separate financial statements of the Company as of June 30, 2015 prepared in accordance with the Technical Resolution N&#176; 26. These Unaudited Condensed Interim Separate Financial Statements are presented in Argentine Pesos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Separate Financial Statements corresponding to the six and three-month periods ended December 31, 2015 and 2014 have not been audited. The Company&#8217;s Management believes they include all necessary adjustments to fairly present the results of each period. The Company&#8217;s six and three-month periods ended December 31, 2015 and 2014 results do not necessarily reflect the proportion of the Company&#8217;s full-year results.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>7</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation of the Unaudited Condensed Interim Separate Financial Statements </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The principal accounting policies adopted for the preparation of these Unaudited Condensed Interim Financial Statements are consistent with those applied in the preparation of the information under RT 26 as of June 30, 2015, and are based on those IFRS in force as of June 30, 2015 (except for the accounting of investments in subsidiaries, associates and joint ventures, which are accounted for under the equity method as required in RT 26). In addition, the most significant accounting policies are described in the Annual Separate Financial Statements and in Note 2 to the Unaudited Consolidated Financial Statements as of December 31, 2015.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Use of estimates</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The preparation of financial statements at a certain date requires the Management to make estimates and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the preparation of these Unaudited Condensed Interim Separate Financial Statements, the main significant judgments made by Management in applying the Company&#8217;s accounting policies and the major sources of uncertainty were the same that the Company used in the preparation of financial statements as of and for the fiscal year ended June 30, 2015, save for changes in accrued income tax, provision for legal claims, allowance for bad debts and accrued supplementary rental.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 53.25pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -53.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Comparative Information</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 53.25pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Balance items as of December 31, 2014 and June 30, 2015 shown in these financial statements for comparative purposes arise from financial statements then ended. Certain reclassifications have been made in order to present figures comparatively with those of this period.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>8</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and disposals</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>See description of acquisitions and disposals made by the Company and/or its subsidiaries for the six-month period ended December 31, 2015 in Note 4 to the Unaudited Condensed Interim Consolidated Financial Statements. Among the acquisitions, it is described the takeover of IDBD.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s Merger and Spin-off &#8211; Merger with Solares de Santa Mar&#237;a S.A. (Solares), Unicity S.A. (Unicity) and Spin-off &#8211; Merger with E-Commerce Latina S.A. (ECLSA) </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-TRANSFORM: uppercase" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Pursuant to the previous merger and spin-off commitment undertaken on September 16, 2015, the following transactions were agreed upon:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the &#8220;Takeover Merger&#8221; with Solares, where Solares would be the acquired or target company and IRSA would be the acquirer; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the &#8220;Takeover Merger&#8221; with Unicity, where Unicity would be the acquired or target company and IRSA would be the acquirer; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the spin-off of a 7.96% ECLSA equity, which accounts for a 11.39% equity interest in Solares, in order for that interest to be subsequently merged into IRSA. ECLSA shall retain the ownership of all of its other rights, obligations, assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>That was approved in Shareholders' Meeting held on November 26, 2015. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following table summarizes the effect the merger, and the spin-off-merger would have had on the Company&#8217;s separate balance sheet as of June 30, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 2.35pt" cellSpacing=0 cellPadding=0 border=0>



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   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Caption</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Issued Financial Statements</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Solares</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unicity</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>ECLSA</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>spin-off assets</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Eliminations / Reclassifications</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 55.55pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Merged Financial statements</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ps.</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current Assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,620</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>321</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(365)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,627</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>336</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>330</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,956</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>322</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(372)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,957</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders' Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,474</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>314</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(365)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,474</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,503</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,503</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>979</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>980</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,482</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,483</FONT></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>9</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_101"></A>

<DIV style=" PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader101"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial risk management and fair value estimates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company&#8217;s activities are exposed to a variety of financial risks: market risk (including foreign currency risk, interest rate risk and price risk), credit risk, liquidity risk and capital risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Unaudited Condensed Interim Financial Statements do not include all the information and disclosures of the risk management, so they should be read together with the annual separate financial statements as of June 30, 2015. There have been no changes in the risk management or risk management policies applied by the Company since the end of the annual fiscal year, except for those financial risks incorporated by IDBD's business combination. See Note 5 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information about principal subsidiaries, associates and joint ventures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company conducts its business through several operating and holding subsidiaries, associates and joint ventures. Its main subsidiaries include IRSA CP and Tyrus. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As indicated in Note 1 to the Unaudited Condensed Consolidated Financial Statements, the Company has an indirect participation in IDBD through Tyrus. </FONT><FONT lang=EN-CA style="FONT-SIZE: 10pt" face=arial,sans-serif>Factors namely (i) IDBD&#8217;s current financial position and need for financing to honor its financial debt and other commitments, (ii) the renegotiation underway with financial creditors, and (iii) the term set by Israel&#8217;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&#8217;s capacity to continue as a going-concern</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Its main associates include BHSA and New Lipstick. Its main joint ventures include Cyrsa and Puerto Retiro.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>10</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information about principal subsidiaries, associates and joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Set out below is the summarized financial information for investments in subsidiaries, associates and joint ventures for the six-month period ended December 31, 2015 and for the year ended June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Subsidiaries, Associates and Joint ventures</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,732</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,441</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contribution (v)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>504</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,378</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes of non-controlling interest</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Merger&#8211;spin-off (iv)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(165)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of (loss) / profit, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(542)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>719</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Translation adjustment </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(93)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends distribution (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(279)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(455)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reserve for tender offer to non-controlling interests</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(190)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reduction (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(123)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reimbursement of expired dividends</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Intergroup transactions from transfer of assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,158)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposal of subsidiaries, associates and joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>End of the period / year (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,105</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,732</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>During the period Palermo Invest S.A., Inversora Bolivar S.A., ECLSA and IRSA CP distributed dividends to the Company for an amount of Ps. 3, Ps. 3, Ps. 3 and Ps. 271, respectively. </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>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></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>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></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>As of December 31, 2015 and June 30, 2015 includes Ps. 323 and Ps. 583, respectively, corresponding to equity interest in IRSA CP, included in Other liabilities non-current. Even though the Company has positive financial position and income, under applicable accounting standards, the Company has recorded an adjustment to consolidated income items included in the asset balance of the subsidiary (transferred to this as part of the transaction indicated in Note 3 to the Annual Financial Statements), resulting in a negative accounting exposure. This effect will be reverting in future fiscal years by way of an amortization over the residual useful life of the real property transferred and/or by total or partial disposition of those assets.&nbsp; </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Additionally as of December 31, 2015 includes Ps. 2 corresponding to equity interest in Hoteles Argentinos S.A., included in Provisions.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>See Note 3. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>During the period capital contributions were made to Tyrus S.A. and Manibil S.A. for Ps. 494 and Ps. 10, respectively. 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></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>11</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Company&#8217;s investment properties for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rental properties</FONT></B></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.3pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Undeveloped parcel of lands</FONT></B></P></TD>

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   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: center; LINE-HEIGHT: 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Properties</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>under development</FONT></B></P></TD>

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   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: center; LINE-HEIGHT: 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

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   <TD style="BACKGROUND-COLOR: #cceeff" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; LINE-HEIGHT: 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; LINE-HEIGHT: 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>803</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>922</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(185)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(185)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>618</FONT></B></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>737</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year ended June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(533)</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(534)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at the year end</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>294</FONT></B></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>118</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>412</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>329</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>118</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>447</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>294</FONT></B></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>118</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>412</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended December 31, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions as a result of the merger (ii)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>171</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60)</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(63)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers (iii)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(110)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15)</FONT></P></TD></TR>

<TR style="HEIGHT: 4.55pt">

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at period end</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>245</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>504</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At December 31, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>253</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>512</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="WIDTH: 2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 24pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="40%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>245</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: right; LINE-HEIGHT: 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 24.1pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>504</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation charges of investment properties were included in &#8220;Costs&#8221; in the Statements of Income (Note 22).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>See Note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Corresponds to transfers within investment properties and/or trading properties.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following amounts have been recognized in the statement of income:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental and service income</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from collected expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental properties maintenance and operation</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance of undeveloped land</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>729</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>454</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>12</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<a name="_bclHeader104"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a detailed summary of the investment properties of the Company by type as of December 31, 2015 and June 30, 2015.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 1pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Name</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net book amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Office building and Other rental properties portfolio:</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bouchard 551</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dique IV</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>52</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Libertador 498</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maip&#250; 1300</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Santa Mar&#237;a del Plata</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Constituci&#243;n 1111</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>La Adela</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>215</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>215</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Office and Other rental properties portfolio </FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>245</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>294</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Undeveloped Parcels of land:</FONT></B></P></TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Catalinas Norte</FONT></P></TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>109</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pilar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Santa Mar&#237;a del Plata</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total of undeveloped parcels of land</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>118</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Properties under development:</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Catalinas Norte</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Properties under development</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="68%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>504</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>412</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>13</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_105"></A>

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<a name="_bclHeader105"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Company&#8217;s property, plant and equipment for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 25.5pt">

   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="80%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year ended June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers of property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value at the year end</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended December 31, 2015:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Book amount at the beginning of the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions as a result of the merger (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at period end</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At December 31, 2015:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 7.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 21.3pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation charges of property, plant and equipment were included in &#8220;Cost&#8221; and &#8220;General and administrative expenses&#8221; in the statement of income (Note 22).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>See Note 3.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>14</FONT></P></DIV>

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&nbsp; <A name="page_106"></A>

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<a name="_bclHeader106"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trading properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Company&#8217;s trading properties for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 7.05pt 0pt 28.35pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -28.35pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Completed properties</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Properties </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>under development</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At July 1st, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals (i)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1.3pt">

   <TD style="HEIGHT: 1.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 1.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></B></P></TD>

   <TD style="HEIGHT: 1.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers (i)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.9pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -18.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Corresponds to the carrying amount of properties transferred included in "Cost" in the statement of income (Note 22).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a detailed summary of the properties for sale of the Company by type as of December 31, 2015 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.4pt">

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book Values</FONT></B></P></TD></TR>

<TR style="HEIGHT: 23.95pt">

   <TD style="HEIGHT: 23.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 23.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 23.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 23.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 23.95pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Properties under development:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pereiraola</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Catalinas Norte</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total properties under development</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Completed properties:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Abril</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total completed properties</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 1.65pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><U><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net book amount</FONT></U></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>15</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_107"></A>

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<a name="_bclHeader107"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Company&#8217;s intangible assets for the six-month period ended December 31, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="MARGIN: 0in 7.1pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 7.1pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Right to receive future units under barter agreements (ii)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0in 7.1pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 3pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 3pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 3pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Year ended June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value at the year end</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended December 31, 2015:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Book amount at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at period end</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At December 31, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization charges of intangible assets are included in &#8220;General and administrative expenses&#8221; in the statement of income (Note 22).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 14.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>As of December 31, 2015 and June 30, 2015 receivables in kind representing the right to receive residential apartments in the future by way of barter agreements, are included for an amount of Ps. 52 million (see Note 38 to the Annual Consolidated Financial Statements as of June 30, 2015).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>16</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Determination of fair values</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>See determination of fair value in Note 15 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following tables presents the financial assets and financial liabilities of the Company that are measured at fair value as of December 31 and June 30, 2015 and their allocation to the fair value hierarchy:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Related parties bonds (Note 27)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Bonds</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>428</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>428</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>504</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>513</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="59%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 5.65pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="40%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Mutual funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Related parties bonds (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Bonds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 1.65pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96</FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 8.8pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -8.8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Derivative financial instruments</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The derivative financial instruments are classified as Level 2 since their fair value is calculated under the discounted cash flow method. The main parameter used in that model is interest rate futures (Note 13).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>17</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Company uses a range of valuation models for the measurement of Level 2 instruments, details of which may be obtained from the following table:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pricing model</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pricing method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parameters</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign currency-contracts</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value method</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Money market interest-rate curve; Foreign exchange curve.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s trade and other receivables, as of December 31, 2015 and June 30, 2015 are as follows:</FONT></P>

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   <TD style="HEIGHT: 9.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,<BR>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 9.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 12pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,<BR>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.05pt">

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale, leases and services receivable</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 10.05pt">

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Receivables from the sale of properties</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,159</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,239</FONT></P></TD></TR>

<TR style="HEIGHT: 10.05pt">

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade receivables</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,160</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,244</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables of joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>VAT receivables </FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,187</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,248</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Leases and services receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Receivables from the sale of properties</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>89</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Overdue debtors and debtors under legal proceedings</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: Allowance for trade accounts receivables</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Trade accounts receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>161</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax receivables</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses and services to recover</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advance payments</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to directors</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 6.7pt">

   <TD style="HEIGHT: 6.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current other receivables</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119</FONT></B></P></TD>

   <TD style="HEIGHT: 6.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 6.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>280</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>215</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,467</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,463</FONT></B></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>18</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other receivables </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Movements on the Company&#8217;s allowance for trade and other receivables are as follows: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Charges for the period / year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unused amounts reversed</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>End of the period / year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The creation and release of provision for impaired receivables have been included in &#8220;Selling expenses&#8221; in the statement of income (Note 22). Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s investments in financial assets as of December 31, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties bonds (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current investments in financial assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties bonds (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>428</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties bonds (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current investments in financial assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>515</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>615</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>196</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>19</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Derivative financial instruments </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s derivative financial instruments as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign currency future contracts (Note 33)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign-currency future contracts</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.65pt">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total derivative financial instruments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015, as part of the Company&#8217;s exchange rate risk management policy, it had executed foreign exchange rate futures in the amount of US$ 29.15, at an average exchange rate of Ps. 11 to US$ 1. As of December 31, 2015 the gain generated by these futures amounted to Ps. 89.78 and was booked under the line Gains (losses) from financial derivatives, net.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table shows the amounts of cash and cash equivalents as of December 31 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="69%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash at bank and on hand</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>20</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_112"></A>

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<a name="_bclHeader112"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>14.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Following is a detailed description of cash flows generated by the Company&#8217;s operations for the six-month periods ended December 31, 2015 and 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></SUP>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>December 31, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>December 31, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustments for</FONT></I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss from disposal of investment properties</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(729)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(454)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of associates</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss from repurchase of Non-Convertible Notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share-based compensation plan </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes in fair value of investments in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>160</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Gain from derivative financial instruments</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(90)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest expense, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>187</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions and allowances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit from of subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>542</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unrealized foreign exchange loss, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>113</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decrease / (Increase) in trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>134</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Increase in trade and other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decrease in salaries and social security liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decrease in provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>80</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 9pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>74</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>21</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_113"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader113"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>14.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><U><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Additional information</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 9pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in dividends receivable through a decrease in equity investments in subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in dividends receivable through a decrease in borrowings granted to subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>242</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in borrowings through an increase in investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>229</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in investments in financial assets through an increase in trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>180</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Use of tax loss carryforwards</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>88</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Acquisition of non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cumulative translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>60</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>152</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in dividends receivable through a decrease in trade payables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in deferred income tax liability through a decrease in reserve for changes in non-controlling interests</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Transfers of investment properties through an increase in trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based payments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in borrowings through a decrease in equity investments in subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>149</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in investment properties through a decrease in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>48</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in investments in financial assets through an increase in borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in investments in financial assets through an increase in trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Reimbursement of expired dividends</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><U><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Sale of properties to IRSA CP</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>12.31.14</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal to IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,164</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>472</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value of disposal assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>472</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal to IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,636</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,292)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(86)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(169)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total consideration paid not affecting funds</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,547)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cash</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>89</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.14</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Balances added as a result of the merger</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Assets</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investments in subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(165)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>171</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Liabilities</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="68%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>22</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s trade and other payables as of December 31 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></I>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,<BR>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 12pt 0in; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,<BR>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax amnesty plan for payable taxes</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Customers advances</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>181</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other tax payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current trade and other payables</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>184</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Invoices to be received</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Customers advances </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales, rent and services payments received in advance</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tenant deposits</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current trade payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends payable to non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax on shareholders&#8217; personal assets</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Long-term incentive plan</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>127</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>94</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>311</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 42.55pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>16.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The table below shows the movements in Company's provisions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1.05pt">

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor, legal </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>and other claims</FONT></B></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in associates and joint ventures (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.7pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.7pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.7pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.7pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.7pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decreases</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

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   <P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At December 31, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Corresponds to equity interests in associates with negative equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown of total current and non-current provisions is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 1.7pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>23</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s borrowings as of December 31 and June 30, 2015 were as follows:</FONT></FONT></P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="11%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Secured/ unsecured</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed Rate/ floating</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Effective </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>interest rate %</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nominal value</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>of share capital</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.25pt 0pt 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA NCN due 2017 (Note 27)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,955</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,355</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA NCN due 2020</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,932</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,345</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA NCN due 2017</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar + 450 points</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,898</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,711</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Related parties (Note 27) (1) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>161</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>108</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total non-current borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,059</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,819</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA NCN due 2017 (Note 27)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>68</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>48</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA NCN due 2020</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>11.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>70</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA NCN due 2015</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar + 395 points</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>209</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>214</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Bank overdrafts</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>586</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>352</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Bank loans </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>754</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>784</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Related parties (Note 27) (1)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>66</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>66</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total current borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>820</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>850</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,879</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,669</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>24</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_116"></A>

<DIV style=" PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader116"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.3pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties breakdown:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Secured/ unsecured</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed Rate/ floating</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Effective</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>interest rate %</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nominal value</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.25pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>14</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Libor 3m + 200 points</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>105</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>73</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Non-current related parties borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>161</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>108</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Libor 12m + 300 points</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>56</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>38</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Libor 3m + 200 points</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total current related parties borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>66</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>66</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total related parties borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>227</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>174</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter116"></a><DIV>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>25</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_117"></A>

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<a name="_bclHeader117"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current and deferred income tax</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The details of the provision for the Company&#8217;s income tax are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current income tax</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>236</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>127</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(172)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The gross movement on the deferred income tax account is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>283</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>328</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Use of tax loss carryforwards</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(157)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(127)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>112</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes of non-controlling interest</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>End of period / year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>124</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>283</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 1in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>See Note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a reconciliation between income tax expense and the amount that would arise using the income tax rate applicable to Profit Before Income Tax for the six-month periods ended December 31, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 14.2pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net income at tax rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(124)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>287</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Permanent differences:</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) from subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>255</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(217)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-deductible items and others</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>133</FONT></B></P></TD>

   <TD style="HEIGHT: 2.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>64</FONT></B></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

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<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>26</FONT></P></DIV>

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<a name="_bclHeader118"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 4.55pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown and explanation of shareholders&#8217; equity has not changed from June 30, 2015, and should therefore be read in Note 25 to the annual financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s other reserves as of December 31, 2015 and 2014 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cost of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>treasury stock</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Changes from non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reserve for</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>share-based compensation</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reserve</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>for future dividends</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reserve for tender offer to non-controlling shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total others reserves</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at July 1st, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(34)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>64</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>306</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>330</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Other comprehensive income for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total comprehensive income for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>204</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Tender offer to non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(190)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Creation / Release of reserve</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>520</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>520</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Changes from non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>36</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Currency translation adjustment</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>before business combination</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; LINE-HEIGHT: 6pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(144)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Reserve for share-based compensation</FONT><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(30)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>64</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>520</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>366</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>(190)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>760</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 31.2pt">

   <TD style="HEIGHT: 31.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cost of treasury stock</FONT></B></P></TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Changes from non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reserve for share-based payments</FONT></B></P></TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reserve</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>for future dividends</FONT></B></P></TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reserve for tender offer to non-controlling shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total other reserves</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at July 1st, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(38)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(22)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>53</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>414</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>399</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>806</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Other comprehensive loss for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(152)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(152)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total comprehensive loss for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(152)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(152)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Distribution of retained earnings approved by Shareholders&#8217; meeting held 11.14.14</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(414)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(414)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Changes from non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at December 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(38)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>55</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>247</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>259</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>27</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_119"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader119"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental and scheduled rent increases</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property management fee</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental and service income</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>133</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale of trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total income from sales, rents and services</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>135</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>168</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>21.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Costs</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs of rental and services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales and development</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total cost of property operations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total costs</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>22.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company disclosed expenses in the statements of income by function as part of the line items &#8220;Costs&#8221;, &#8220;General and administrative expenses&#8221; and &#8220;Selling expenses&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following tables provide the additional required disclosure of expenses by nature and their relationship to the function within the Company.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>28</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_120"></A>

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<a name="_bclHeader120"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>22.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>For the period ended December 31, 2015: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of rental and services </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sale </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>and development</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fees and payments for services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance, security, cleaning, repairs and others</FONT><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes, rates and contributions</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Allowances for trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Public services and others</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Traveling, transportation and stationery</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization and depreciation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Leases and service charges</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank charges</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advertising and others selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 1.15pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total expenses by nature</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>29</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_121"></A>

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<a name="_bclHeader121"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 115%; TEXT-INDENT: -42.55pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 115%; TEXT-INDENT: -42.55pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>22.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>For the period ended December 31, 2014:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of rental and services</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sale and development</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fees and payments for services</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance, security, cleaning, repairs and others</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes, rates and contributions</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Public services and others</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Traveling, transportation and stationery</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization and depreciation</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Leases and service charges</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank charges</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advertising and others selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 1.15pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total expenses by nature</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 115%; TEXT-INDENT: 0.5in"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>30</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_122"></A>

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<a name="_bclHeader122"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Employee costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries, bonuses and social security costs</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pension costs plan and defined contribution</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other expenses and benefits</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total employee costs</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>35</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating results, net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax on shareholders&#8217; personal assets</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from sale of subsidiaries and / or joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Donations</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Lawsuits and other contingencies (1)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total other operating results, net</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.6pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.6pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Includes legal costs and expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>25.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial results, net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>December 31,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income:</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.15pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.75pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Interest income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Foreign exchange gains</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>982</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total finance income</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,129</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs:</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.75pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Interest expense</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(291)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(200)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Foreign exchange losses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,240)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(135)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other finance costs</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total finance costs</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,546)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(347)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other financial results:</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 1.4pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Fair value loss in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(160)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Gain / (Loss) on derivative financial instruments, net</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Loss on repurchase of Non-Convertible Notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total other financial results</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total financial results, net</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(323)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Share-based payments</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>For more details on share-based payments, see Note 33 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>31</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a summary of the balances with related parties as of December 31, 2015:</FONT></P>

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<DIV align=left>

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<TR style="HEIGHT: 8.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investments in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investments in financial assets current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other payables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other payables current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non- current </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Parent Company</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cresud </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Parent Company</FONT></I></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(18)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(21)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries</FONT></I></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=6 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(43)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(73)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(56)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Sale of property</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,130</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>126</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Dividends receivable </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(45)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(105)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(10)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Hotel services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Hotel services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Guarantee deposits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(27)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries</FONT></I></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,130</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>186</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(58)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(261)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(72)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries Cresud</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Helmir S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(35)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries Cresud</FONT></I></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(35)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>32</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investments in financial assets non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investments in financial assets current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current </FONT></B></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other payables <BR>current</FONT></B></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current </FONT></B></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>ERSA</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(19)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PAMSA</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>15</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(19)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries TYRUS</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Irsa International LLC</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Real Estate Strategies LP</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>New Lipstick</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Imadison LLC</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries TYRUS</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>12</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Associates</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>BACS</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>BHSA</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Associates</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>11</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Joint Ventures</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Credit due to capital reduction</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Joint Ventures</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(18)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Other related parties</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Consultores Asset Management S.A. </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Other related parties</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Directors and Senior Management</FONT></I></B></P></TD>

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<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Directors</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fees</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Advances</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>8</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Directors and Senior Management</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>8</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(3)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,130</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>234</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>63</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(82)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(354)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(76)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>33</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a summary of the balances with related parties as of June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 32.75pt">

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other receivables current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investments in financial assets non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Investments in financial assets current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other payables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Trade and other payables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 32.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 32.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Parent Company</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cresud </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Parent Company</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(29)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(17)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(8)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=7 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(13)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>37</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Sale of properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,239</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(38)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Solares </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(73)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(7)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(38)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(9)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Hotel services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Hotel services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,243</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>148</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>37</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(31)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(132)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(68)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries Cresud</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>HELMIR S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(28)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries Cresud</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 8pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD></TR></TABLE></DIV><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>34</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Investments in financial assets non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Investments in financial assets current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other payables <BR>current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings <BR>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></I></B></P></TD>

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   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>ERSA</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>PAMSA</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(57)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(3)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Shopping Neuqu&#233;n S.A.</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(72)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(4)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Subsidiaries TYRUS</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Real Estate Strategies LP</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>New Lipstick</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Imadison LLC</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Subsidiaries TYRUS</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Associates</FONT></I></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>BACS</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bonds related parties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Associates</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>35</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Investments in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Investments in</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other payables <BR>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Trade and other payables<BR>current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings<BR>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Joint Ventures</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Credit due to capital reduction</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Baicom Networks S.A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Joint Ventures</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(14)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Joint Ventures IRSA CP</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>NPSF</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Joint Ventures IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Other related parties</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Consultores Asset Management S.A. </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total Other related parties</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><B><I><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Total </FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,243</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>183</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>100</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>37</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(60)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(263)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><B><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(74)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>36</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The following is a summary of the transactions with related parties for the six-month period ended December 31, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Commissions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Management fees</FONT></B></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Corporate services</FONT></B></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Legal services</FONT></B></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Financial operations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Donations</FONT></B></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Fees and salaries</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Parent Company</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cresud</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,059</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(51)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="27%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Subsidiaries</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(10)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,003</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>ERSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="27%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>37</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Commissions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Management fees</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Corporate services</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Legal services</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Financial operations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Donations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Fees and salaries</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Subsidiaries Tyrus</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Irsa International LLC</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Subsidiaries Tyrus</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>BACS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Other related parties</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Estudio Zang, Bergel &amp; Vi&#241;es</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Fundaci&#243;n IRSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(3)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Senior Management</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Directors</FONT></P></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(10)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(11)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(25)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1,003</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(3)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(11)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>38</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The following is a summary of the transactions with related parties for the six-month period ended December 31, 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Commissions</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Management fees</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Corporate services</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Legal services</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Financial operations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Donations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Fees and salaries</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Sale of properties</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Parent Company</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Cresud </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(4)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(15)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(4)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2,636</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Inversora Bol&#237;var S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>5</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Subsidiaries</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(7)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2,636</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>PAMSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>ERSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(4)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

<a name="_bclFooter130"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>39</FONT></P></DIV>

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&nbsp; <A name="page_131"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Commissions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Management fees</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Corporate services</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Legal services</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Financial operations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Donations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Fees and salaries</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Sale of properties</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Associates</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>BACS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>BHSA</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Associates IRSA CP</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Tarshop</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>3</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Associates IRSA CP</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>3</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Other related parties</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Estudio Zang, Bergel &amp; Vi&#241;es</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Senior Management</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Directors</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 8.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(22)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(7)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>2,636</FONT></B></P></TD></TR></TABLE></DIV>

<a name="_bclFooter131"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>40</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_132"></A>

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<a name="_bclHeader132"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<OL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=1 start=28>

<LI style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp; CNV General Resolution N&#176; 622</FONT></B> </LI></OL>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As required by Section 1&#176;, Chapter III, Title IV of CNV General Resolution N&#176; 622, below there is a detail of the notes to the Unaudited Condensed Interim Separate Financial Statements that disclosure the information required by the Resolution in Exhibits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="40%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit A - Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 6 Investment properties and Note 7 Property, plant and equipment </FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit B - Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 9 Intangible assets</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="40%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit C - Equity investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 29 Equity investments</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit D - Other investments</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 10 Financial instruments by category</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="40%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit E &#8211; Provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 11 Trading and other receivables and Note 16 Provisions </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit F- Cost of sales and services provided</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 8 Trading properties and Note 22 Expenses by nature</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="40%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exhibit G - Foreign currency assets and liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Note 30 Foreign currency assets and liabilities </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>41</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Market value as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="41%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="29%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,324</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,596</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>109.00</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>126</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>379</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,054</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>95.02%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>120,500,167</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,048)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,587)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>401</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>408</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>BHSA </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>75,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>251</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>225</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.65</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Financial</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,500</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,086</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,441</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.08%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>BACS </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,984,375</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Financial</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>63</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>56</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>296</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6.38%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,748,270</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>17,497</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>9,700</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>44,764</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" rowSpan=2 width="15%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>83,913,950</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>265</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>260</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>80</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>274</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>96.74%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>42</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity investments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Market value as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>213,743,711</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>228</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>237</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Uruguay</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>110</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>228</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" rowSpan=2 width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>15,366,840</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>80.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>78,909,867</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>308</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>284</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>307</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>95.13%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" rowSpan=2 width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Llao Llao Resort S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>73,580,206</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>147</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>37</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Manibil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>47,747,880</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>97</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>49.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" rowSpan=2 width="14%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>38,068,999</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>50</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>45</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>76.34%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Lower value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(15)</FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter134"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>43</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity investments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Market value as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>153,283,989</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>264</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>238</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>158</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>272</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>97.00%</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(30)</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(30)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>181,016,717</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>381</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>322</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Uruguay</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>94</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>70</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>414</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>27</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" rowSpan=2 width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Solares (2)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>284</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(167)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,000,000,000</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(785)</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>591</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Uruguay</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>877</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(901)</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,232</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,380</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>886</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>44</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity investments </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Market value as of 12.31.15</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="17%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Unicity (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total investments in subsidiaries, associates and joint ventures as of 12.31.15</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,105</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total investments in subsidiaries, associates and joint ventures as of 06.30.15</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>2,732</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 12pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The amounts correspond to the financial statements of BHSA and BACS prepared in accordance with the BCRA standards. For the purpose of the valuation of the investment in the Company, adjustments necessary to</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif> adequate the financial statements to IFRS have been considered.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>See Note 3.</FONT></P>

<a name="_bclFooter136"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>45</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_137"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader137"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Foreign currency assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Book amounts of foreign currency assets and liabilities are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 27.35pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Items</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Amount of foreign currency (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Prevailing exchange rate (2)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.2pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total as of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.2pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Amount of foreign currency (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Prevailing exchange rate (2)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 27.35pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total as of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>06.30.15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Assets</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>12.940</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>69</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>22</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Receivables with related parties:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>248</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>13.040</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,234</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>257</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,338</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total trade and other receivables</FONT></B></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,303</FONT></B></P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,360</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments in financial assets</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>37</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>12.940</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>482</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>60</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total investments in financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>482</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>60</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Cash and cash equivalents</FONT></U></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>12.940</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Euros</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>14.068</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>10.005</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>77</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total assets as of 12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,862</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total assets as of 06.30.15</FONT></B></P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,424</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Liabilities</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other payables</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>13.040</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Payables with related parties:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>13.040</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>22</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>16</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><U><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>300</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>13.040</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,907</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>294</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,674</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings with related parties:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>13.040</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>317</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>261</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,224</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,935</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total liabilities as of 12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,246</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt"><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total liabilities as of 06.30.15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 11pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,951</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" color=black face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: char" color=windowtext face=arial,sans-serif>Considering foreign currencies those that differ from Company&#8217;s functional currency at each period / year-end.</FONT></P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Exchange rate as of December 31 and June 30, 2015 according to Banco Naci&#243;n Argentina records</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>46</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued) </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt" align=center><FONT color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>(All amounts in millions of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 11.25pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>31.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>CNV General Resolution N&#176;&nbsp; 629/14 &#8211; Storage of documentation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 10pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On August 14, 2014, the CNV issued General Resolution N&#176; 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Company has entrusted the storage of certain non-sensitive and old information of the following providers:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Storage of documentation responsible</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Location</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Bank S.A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ruta Panamericana Km 37,5, Gar&#237;n, Province of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Av. Fleming 2190, Munro, Province of Buenos Aires</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Carlos Pellegrini 1401, Avellaneda, Province of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Av. Amancio Alcorta 2482, Autonomous City of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pedro de Mendoza 2143, Autonomous City of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Saraza 6135, Autonomous City of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Azara 1245, Autonomous City of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pol&#237;gono industrial Spegazzini, &nbsp;Autopista Ezeiza Km 45, Ca&#241;uelas, Province of Buenos Aires</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ca&#241;ada de Gomez 3825, Autonomous City of Buenos Aires</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>It is further noted that a detailed list of all documentation held in custody by providers, as well as documentation required in section 5 a.3) of section I, Chapter V, Title II of the rules (2013 as amended) are available at the registered office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.55pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On February 5, 2014 there was a widely known fire in Iron Mountain&#8217;s warehouse. Such company is a supplier of the Company and Company&#8217;s documentation was being kept in the mentioned warehouse. Based on the internal review carried out by the Company, duly reported to the CNV on February 12, 2014, the information kept at the Iron Mountain premises that were on fire do not appear to be sensitive or capable of affecting normal operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Subsequent Events</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>See other subsequent events in Note 37 to Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>47</FONT></P></DIV>

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<a name="_bclHeader139"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations and Section 12, </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chapter III, Title IV of the National Securities Commission Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Statement of Financial Position as of December 31, 2015 </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Stated in millions of pesos</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Specific and significant systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 30pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>None.</FONT></P>

<P style="MARGIN: 0in 0pt 0pt 85.05pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Significant changes in the Company&#8217;s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years.</FONT></U></B></P>

<P style="MARGIN: 0in 0pt 0pt 85.05pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 40pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>See Note 2.1.</FONT></P>

<P style="MARGIN: 0in 0pt 0pt 85.05pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Receivables and liabilities by maturity date.</FONT></U></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Falling due</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>(Point 3.a.)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Without term (Point 3.b)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Without term (Point 3.b)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>To be due (Point 3.c.)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 23.05pt">

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>12.31.15</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Up to 3 months</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 3 to 6</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>months</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 6 to 9</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>months</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 9 to 12</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>months</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 1 to 2</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>years</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 2 to 3</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>years</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 3 to 4</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>years</FONT></P></TD>

   <TD style="HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>From 4 years</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=center><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>on</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Account receivable</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>72</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>138</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1,880</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1,263</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>3,467</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>72</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>138</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1,880</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1,263</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>3,467</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>182</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>313</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>595</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>225</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1,984</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>2,043</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>4,879</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 6pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>692</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>225</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,168</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,045</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 11pt" align=right><FONT style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>5,224</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt 35.45pt; LINE-HEIGHT: 115%"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>48</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_140"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader140"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="MARGIN: 0in 5.6pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=georgia></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations and Section 12, </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chapter III, Title IV of the National Securities Commission Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Statement of Financial Position as of December 31, 2015 </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Stated in millions of pesos</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.a.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Breakdown of accounts receivable and liabilities by currency and maturity.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt 6pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" rowSpan=3 colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Totals</FONT></P></TD></TR>

<TR style="HEIGHT: 26pt">

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Local currency</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Local currency</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Local currency</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 26pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt"></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Account receivables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>141</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>139</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,164</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,187</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>164</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,303</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,467</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>141</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>139</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,164</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,187</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>164</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,303</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,467</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>107</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>129</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>184</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>184</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>291</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>313</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>592</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>228</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>820</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>63</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,996</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,059</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>655</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,224</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,879</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>725</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>250</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>975</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>253</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,996</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,249</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>978</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,246</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,224</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.b.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Breakdown of accounts receivable and liabilities by adjustment clause.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 30pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of December 31, 2015 there are not receivable and liabilities subject to adjustment clause.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>49</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_141"></A>

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<a name="_bclHeader141"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations and Section 12, </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chapter III, Title IV of the National Securities Commission Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Statement of Financial Position as of December 31, 2015 </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Stated in millions of pesos</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.c.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Breakdown of accounts receivable and liabilities by interest clause.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Items</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="BORDER-TOP: black 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="14%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Accruing interest</FONT></P></TD>

   <TD style="BORDER-TOP: black 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>accruing interest</FONT></P></TD>

   <TD style="BORDER-TOP: black 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: black 2.25pt double; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=3 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Accruing interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-accruing interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Accruing interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-accruing interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed rate</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating rate</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed rate</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating rate</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Fixed rate</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Floating rate</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Accounts receivables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>136</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>144</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,158</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,187</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,294</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>173</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,467</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>136</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>144</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>280</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,158</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,187</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,294</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>173</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,467</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>129</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>129</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>181</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>184</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>310</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>313</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>59</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>582</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>820</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,898</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>161</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,059</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,957</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>743</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,879</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>59</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>582</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>334</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>975</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,901</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>161</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>187</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>4,249</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,960</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>743</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>521</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BACKGROUND: #cceeff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5,224</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>50</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_142"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader142"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations and Section 12, </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chapter III, Title IV of the National Securities Commission Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Statement of Financial Position as of December 31, 2015 </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Stated in millions of pesos</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Related parties.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Interest in related parties: </FONT></P>

<P style="MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 46.6pt">

   <TD style="HEIGHT: 46.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Name of the entity</FONT></P></TD>

   <TD style="HEIGHT: 46.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>% of ownership interest held by the Group</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Direct Controlling interest of IRSA:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>95.02%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>ECLSA</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>80.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Inversora Bol&#237;var S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>76.34%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 9.5pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related parties debit/credit balances. See Note 27 to the Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 1in; LINE-HEIGHT: 14pt; TEXT-INDENT: -1in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Loans to directors.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>See Note 27 to the Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Inventories.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>In view of the nature of the inventories, no physical inventories are performed and there are no slow turnover assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Current values.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>See Notes 6, 7, 8 and 10 to the Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Appraisal revaluation of property, plant and equipment.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>None. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>51</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_143"></A>

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<a name="_bclHeader143"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0pt">
<B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations and Section 12,</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chapter III, Title IV of the National Securities Commission Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Statement of Financial Position as of December 31, 2015 </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Stated in millions of pesos</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Obsolete unused property, plant and equipment.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Equity interest in other companies in excess of that permitted by section 31 of law N&#176; 19,550.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Recovery values.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>See Notes 6, 7, 8 and 10 to the Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Insurances.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Insured Assets </FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real Estate</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Insured amounts (1)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accounting values</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk covered</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>BOUCHARD 551</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>MAIPU 1300</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>LIBERTADOR 498</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CASONA ABRIL</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CATALINAS NORTE </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>SUBTOTAL</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>129</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>SINGLE POLICY</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 10pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Third party liability</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The insured amounts are in U.S. dollars.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In our opinion, the above-described insurance policies cover current risks adequately.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>52</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_144"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader144"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations and Section 12, </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chapter III, Title IV of the National Securities Commission Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Statement of Financial Position as of December 31, 2015 </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Stated in millions of pesos</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Allowances and provisions that, taken individually or as a whole, exceed 2% of the shareholder&#180;s equity.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company&#8217;s financial position have not been recognized.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>16.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>17.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Unpaid accumulated dividends on preferred shares.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>None.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>18.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Restrictions on distributions of profits.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>In addition, according to CNV General Resolution N&#176; 609/12, a special reserve was constituted which could not be released to make distributions in cash or in kind. See Note 26 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>IRSA NCN due 2017 and IRSA NCN due 2020 both contain certain customary covenants and restrictions, including amount others, limitations for the incurrence of additional indebtedness, restricted payments, disposal of assets, and entering into certain transactions with related companies. Restricted Payments include restrictions on the payment of dividends.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Autonomous City of Buenos Aires February 11, 2016.</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>53</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>INTERIM SEPARATE FINANCIAL STATEMENTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>To the Shareholders, President and Directors of</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Legal address: Bolivar 108 &#8211; 1&#176; floor</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Autonomous City Buenos Aires</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Tax Code No. 30-52532274-9</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>Introduction</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia>We have reviewed the unaudited condensed interim separate </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 97%" face=georgia>&nbsp;financial &nbsp;statements </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia>of IRSA Inversiones y Representaciones Sociedad An&#243;nima (hereinafter &#8220;the Company&#8221;)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia> which included the unaudited condensed interim separate statement of financial position as of December 31, 2015, and the unaudited condensed interim separate statements of income and comprehensive income for the six-month and three-month period ended December 31, 2015 the unaudited condensed interim separate statements of changes in shareholders&#8217; equity and the unaudited condensed interim separate statements of cash flows for the six-month period ended December 31, 2015 and selected explanatory notes. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: 97%" face=georgia>The balances and other information corresponding to the fiscal year ended June 30, 2015 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to those financial statements. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia>Management responsibility</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 97%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with professional accounting standards of Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) added by the National Securities Commission (CNV) to its regulations. Those standards differ from the International Financial Reporting Standards (IFRS) and, especially, from the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34) approved by the International Accounting Standard Board (IASB) and used for the preparation of the unaudited condensed interim consolidated financial statements of IRSA Inversiones y Representaciones Sociedad An&#243;nima with its subsidiaries as to the aspects mentioned in note 2.1 to the unaudited condensed interim separate financial statements attached.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Scope of our review</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" color=black face=georgia>Our review was limited to the application of the procedures established in the International Standard on Review Engagements ISRE 2410 "Review of interim financial information performed by the independent auditor of the entity", which was adopted as a review standard in Argentina in Technical Resolution No. 33 of the FACPCE, without modification as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for the preparation of the information included in the unaudited condensed interim separate financial statements, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the separate statement of financial position, the separate statement of income, the separate statement of comprehensive income and separate statement of cash flow of the Company.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Conclusion</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements above mentioned in the introductory paragraph of this report have not been prepared in all material respects in accordance Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences for separate financial statements of a parent company.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Emphasis paragraph</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Without modifying our conclusion, we want to refer to the information included in Note 5 of these unaudited condensed interim separate financial statements.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia>Report on compliance with current regulations</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>In accordance with current regulations, we report about IRSA Inversiones y Representaciones Sociedad An&#243;nima that:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia> are recorded &nbsp;in the "Inventory and Balance Sheet Book", and comply, as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>regards</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia> those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and in the corresponding resolutions of the National Securities Commission;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>the unaudited condensed interim </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>separate </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>financial statements of&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia> arise from accounting records carried in all formal aspects in conformity with the applicable legal provisions;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>we </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=georgia>have</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> read the additional information to the notes to the unaudited condensed interim separate statements required by section 68 of the listing regulations of the Buenos Aires Stock Exchange and by section 12 of Chapter III Title IV of the&nbsp; text of the National Securities Commission, on which, as regards those matters that are within our competence, we have no observations to make;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>at December 31, 2015, the debt of IRSA Inversiones y Representaciones Sociedad An&#243;nima owed in favor of the Argentina Integrated Pension System which arises from accounting records and submissions amounted to Ps. 115.656 which was no callable at that date.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Autonomous City of Buenos Aires, February 11, 2016</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman">PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Partner</FONT></U><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 12pt" face="Times New Roman">)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>Eduardo A. Loi&#225;cono</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>Public Accountant (UBA)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face="Times New Roman">C.P.C.E.C.A.B.A. T&#186; 326 F&#186; 94</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 59.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman">ABELOVICH, POLANO &amp; ASOCIADOS S.R.L.</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT lang=ES-AR style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face="Times New Roman">(Partner)</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>C.P.C.E. C.A.B.A. T&#176; 1 F&#176; 30</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>Jos&#233; Daniel Abelovich</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>Public Accountant (U.B.A.)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 12pt" color=#333333 face=georgia>C.P.C.E.C.A.B.A. T&#176; 102 F&#176; 191</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></DIV>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31</FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">, 2015</FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>I. Brief comment on the Company&#8217;s activities during the period, including references to significant events occurred after the end of the period.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Buenos Aires, February 11, 2016 - IRSA Inversiones y Representaciones Sociedad An&#243;nima (NYSE: IRS) (BASE: IRSA), Argentina&#8217;s leading real estate company, announces today the results of its operations for the six-month period ended December 31, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial" color=#1d47e3>Consolidation of IDB Development Corporation</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 11, 2015, the Group acquired control of the Israeli company IDB Development Corporation Ltd. (&#8220;IDBD&#8221;). During this quarter, the consolidation will be reflected in the balance sheet, and as from the third quarter, it will also be disclosed at income statement level. IDBD&#8217;s fiscal year-end is on December 31 of each year, whereas the Company&#8217;s is on June 30. Moreover, in compliance with Israeli regulations, IDBD reports its quarterly and annual results after the expiration of the Argentine statutory terms. For such reasons, the Company will be unable to have available IDBD&#8217;s quarterly results as and when due in order to report them to the CNV in its financial statements for the period ended December 31, 2015. Thus, the Company will consolidate results from IDBD&#8217;s operations with a three-month mismatch adjusted for the effects of material transactions occurred during the reported period. In this way, the results of IDBD&#8217;s operations for the period running from October 11, 2015 (date of acquisition) until December 31, 2015 will be included in the interim comprehensive results of the Group for the nine-month period ending on March 31, 2016.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 &amp; Building Corporation), supermarkets (Shufersal), agroindustry (Adama), insurance (Clal Holdings Insurance Enterprises, hereinafter Clal), and telecommunications (Cellcom). IDBD&#8217;s shares are listed in the Tel Aviv Stock Exchange (&#8220;TASE&#8221;) since May 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant assets have been added in various industries in which the Group did not have investments until to date, as well as liabilities for loans taken by IDBD and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company is conducting the &#8220;Purchase Price Allocation&#8221; process. As of December 31, 2015, the degree of progress was 50% and the expected completion date is June 30, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have decided to break down reporting into an Argentine Operating Center and an Israeli Operating Center. From the Argentine Operating Center, the Group, through IRSA and its subsidiaries, manages the businesses in Argentina and the international investments in the Lipstick Building in New York and the Condor Hospitality Trust hotel REIT. From the Israeli Operating Center, the Group manages IDBD. From the next quarter onwards, results and the various business lines will be disclosed according to this breakdown.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>1</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31</FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">, 2015</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Consolidated Income</FONT></B></P>

<DIV align=center>

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<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>In ARS Million</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 15.75pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.1pt">

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues from sales, leases and services</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>856</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>670</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27.8%</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,570</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,259</FONT></P></TD>

   <TD style="HEIGHT: 8.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>24.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 7.6pt">

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating Income</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,223</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>945</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>29.4%</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,948</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,586</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>22.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.4pt">

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>51</FONT></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>21.4%</FONT></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>106</FONT></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>85</FONT></P></TD>

   <TD style="HEIGHT: 6.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>24.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 5.2pt">

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA<SUP>*</SUP></FONT></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>636</FONT></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>798</FONT></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(20.4%)</FONT></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,025</FONT></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>798</FONT></P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>28.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.8pt">

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net (Loss) / Income </FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(596)</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(89)</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(910)</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.6pt">

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Attributable to the parent company&#8217;s shareholders</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(213)</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(487)</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Attributable to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(383)</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(91)</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(423)</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>*</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA: Operating Income plus depreciation and amortization excluding sales of investment properties for the period and expenses incurred in the transfer of assets occurred in December 2014 and the translation reserve of Madison building during the 6-month period of 2015.</FONT></I></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues from sales, leases and services for the first half of 2016 were 24.7% higher than in the first half of 2015, mainly explained by an increase in revenues from the &#8220;Shopping Centers&#8221; and &#8220;Hotels&#8221; segments, partially offset by the &#8220;Offices&#8221; segment due to sales of certain floors during the period, and the &#8220;Sales and Developments&#8221; segment. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company&#8217;s Operating Income and EBITDA, excluding expenses incurred in the transfer of assets and sales of investment properties, grew 22.8% and 28.3%, respectively.</FONT></P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="100%" colSpan=3><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net loss for the first 6-month period of fiscal year 2016 was ARS&nbsp;910 million, compared to net income for ARS&nbsp;47 million in the same period of 2015, mainly due to:</FONT></TD></TR>

<TR>

   <TD width="2%"></TD>

   <TD width="2%" align=center>-</TD>

   <TD width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>A decrease in the value of the investment in IDBD, which has changed its valuation method effective as of the first quarter of 2016, with no impact in the second quarter due to the consolidation.</FONT></TD></TR>

<TR>

   <TD width="2%"></TD>

   <TD width="2%" align=center>

   <P style="MARGIN-BOTTOM: 15pt">-</P></TD>

   <TD vAlign=top width="96%">

   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Starting this quarter, with the consolidation, we recorded a loss of ARS 797 million by the decrease in the market value of Clal Insurance Company , which is maintained as an asset available for sale. It should be mentioned that in the context of a public process of selling the company together with Citibank and Aon, we received three binding offers with an implied valuation of the company around NIS 4,800 million that could not be realized by the end of December 2015 because of a disagreement between the buyer and the regulatory authorities in Israel.</FONT></P></TD></TR>

<TR>

   <TD width="2%"></TD>

   <TD width="2%" align=center>

   <P style="MARGIN-BOTTOM: 10pt">-</P></TD>

   <TD vAlign=top width="96%">

   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>We recorded lower financial income / (loss), net and a higher loss from exchange rate differences due to the depreciation of the peso vis-&#224;-vis the dollar in December 2015, which impacted on our dollar-denominated indebtedness. We avoid further losses in net income because we have covered part of the debt in dollars with future contracts of exchange rate.</FONT></P></TD></TR>

<TR>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="96%"></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>2</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_150"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader150"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31</FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">, 2015</FONT></FONT></P></DIV>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial"><FONT style="COLOR: #1d47e3">Operating Center in Argentina</FONT></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>II.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Shopping Centers (through our subsidiary IRSA Propiedades Comerciales S.A.)</FONT></B></P>

<P style="MARGIN: 0in 0.25pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>During the second quarter of fiscal year 2016, consumption levels at shopping centers increased, and December, a highly seasonal month due to Christmas sales, has been very positive.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our tenants&#8217; sales reached ARS 14,862.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>million during the first six months of fiscal year 2016, 39.5% higher than in the same period of 2015 (32.0% without considering sales from Distrito Arcos and Alto Comahue Shopping). In the second quarter of 2016, sales from the same shopping centers grew by 35.7% compared to 2015. Our portfolio&#8217;s leaseable area totaled 333,719 square meters during the period under review, whereas the occupancy rate stood at optimum levels, reaching 99.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.15pt">

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>660</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>479</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>37.8%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,193</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>867</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>37.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Operating Income</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>476</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>352</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>35.2%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>854</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>627</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>40</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>33.3%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>82</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>61</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>34.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>518</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>384</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>34.9%</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>938</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>689</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.1%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IVQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Leaseable Area (sqm)<SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>333,719</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>334,055</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>333,911</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>333,432</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>320,761</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tenants&#8217; Sales (3 month cumulative)<SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,275</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,586.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,125.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,727.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,097.4</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Occupancy <SUP>(1) </SUP></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.0%</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.9%</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.7%</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.5%</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=6 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1) 16-FP Includes Distrito Arcos (opening: December 18, 2014): Total Leaseable Area (sqm) 10,745. Sales (MM); and Alto Comahue </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(opening March 17, 2015):Total Leaseable Area (sqm) 9,827. Sales (MM).</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3.8pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3.8pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 31.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Revenues from this segment grew 37.6% during this six-month period, whereas Operating Income reached ARS&nbsp;854 million (+ 36.2% compared to the second quarter of 2015). The EBITDA margin, excluding income from common expenses and common promotional fund, was 78.7%, in line with the margins recorded in the same period of 2015.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>3</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operating data of our Shopping Centers as of December 31, 2015</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 0pt">

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Shopping Centers</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Date of Acquisition</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>GLA (sqm) <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Stores</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Occupancy (%)<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>IRSA CP&#8217;s Interest <SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Book Value (ARS million)<SUP>(4)</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Abasto<SUP> (5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Jul-94</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36,813</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>170</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>99.5%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>251</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Alto Palermo </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Nov-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>18,834</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>142</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>219</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Alto Avellaneda </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Nov-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36,117</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>138</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>129</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Alcorta Shopping </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Jun-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>15,430</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>111</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>99.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>106</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Patio Bullrich</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Oct-98</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11,636</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>99.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>111</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Alto Noa</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mar-95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>19,093</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>32</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Buenos Aires Design</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Nov-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>13,903</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>97.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>53.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mendoza Plaza </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Dec-94</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>42,101</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>142</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>97.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>98</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Alto Rosario<SUP> (5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Nov-04</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>30,183</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>146</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>98.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>115</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>C&#243;rdoba Shopping &#8211;Villa Cabrera </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Dec-06</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>15,302</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>109</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>99.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>59</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Dot Baires Shopping</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>May-09</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>49,848</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>158</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>372</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Soleil Premium Outlet</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Jul-10</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>13,991</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>78</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>82</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>La Ribera Shopping</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Aug-11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,896</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>64</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>98.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Distrito Arcos<SUP> (6)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Dec-14</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,745</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>59</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>96.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>90.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>268</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Alto Comahue<SUP> (7)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mar-15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,827</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>105</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>95.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>99.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>322</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>333,719</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,663</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>99.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,199</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=7 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Notes:</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Corresponds to gross leasable area in each property. Excludes common areas and parking spaces.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Calculated dividing occupied square meters by leasable area on the last day of the period.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Effective interest held by the company in each of its business units.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cost of acquisition plus improvements, less cumulative depreciation, plus adjustment for inflation, if any. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Amounts are stated in thousands of pesos </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(ARS).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(5)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Excludes Museo de los Ni&#241;os (3,732 square meters in Abasto and 1,261 square meters in Alto Rosario).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(6)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening on December 18, 2014.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(7)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening on March 17, 2015.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Cumulative tenants&#8217; sales as of December 31 </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(per Shopping Center: for the quarter and for the first six months of each fiscal year, in ARS million)</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 23.25pt">

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Shopping Centers</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 16</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Palermo</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,036.5</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>798.3</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>29.8%</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,796.7</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,405.4</FONT></P></TD>

   <TD style="HEIGHT: 12.9pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.7pt">

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Abasto Shopping</FONT></P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,150.5</FONT></P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>910.5</FONT></P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26.4%</FONT></P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,104.3</FONT></P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,621.0</FONT></P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>29.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.6pt">

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Avellaneda</FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,124.9</FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>843.0</FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>33.4%</FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,997.9</FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,457.2</FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>37.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.1pt">

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alcorta Shopping</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>581.7</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>466.8</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>24.6%</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>993.9</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>781.3</FONT></P></TD>

   <TD style="HEIGHT: 12.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.3pt">

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Patio Bullrich</FONT></P></TD>

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>306.1</FONT></P></TD>

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>272.0</FONT></P></TD>

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>12.5%</FONT></P></TD>

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>552,5</FONT></P></TD>

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>469.8</FONT></P></TD>

   <TD style="HEIGHT: 12.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.2pt">

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Buenos Aires Design</FONT></P></TD>

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>105.9</FONT></P></TD>

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>83.7</FONT></P></TD>

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26.6%</FONT></P></TD>

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>208,6</FONT></P></TD>

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>159.1</FONT></P></TD>

   <TD style="HEIGHT: 9.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>31.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dot Baires Shopping</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>974.9</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>776.2</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>23.0%</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,692.1</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,324.6</FONT></P></TD>

   <TD style="HEIGHT: 14.5pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Distrito Arcos (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>333.5</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>261.0</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27.8%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>625.6</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>462.8</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>35.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Soleil</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>257.3</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>24.7</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>943.7%</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>470.6</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>24.7</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,809.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Noa Shopping</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>376.6</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>289.0</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>30.3%</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>689.3</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>515.0</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>33.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Rosario Shopping</FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>748.9</FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>548.6</FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.5%</FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,342.1</FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>951.2</FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>41.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.6pt">

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mendoza Plaza Shopping</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>629.6</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>507.3</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>24.1%</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,204.1</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>931.0</FONT></P></TD>

   <TD style="HEIGHT: 8.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>29.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.6pt">

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>C&#243;rdoba Shopping</FONT></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>287.6</FONT></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>220.6</FONT></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>30.4%</FONT></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>508.0</FONT></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>373.5</FONT></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>La Ribera Shopping<SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>163.7</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>95.9</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>70.8%</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>316.6</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>179.8</FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>76.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Comahue<SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>198.3</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>0.0</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>360.6</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.0</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total<SUP>(4)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,275.89</FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,097.37</FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>35.7%</FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>14,862.75</FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,656.42</FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>39.5%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1) Distrito Arcos: opening on December 18, 2014.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2) Through our joint venture Nuevo Puerto Santa Fe S.A.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(3) Alto Comahue: opening on March 17, 2015.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(4) Excluding Distrito Arcos and Alto Comahue: Total 6M 16 (ARS M) 13,717.7 Var 29.0%.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>4</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Cumulative tenants&#8217; sales as of December 31 </FONT></U></P>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(per Type of Business: for the quarter and for the first six months of each fiscal year, in ARS million)</FONT></I></P>

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   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Type of Business</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.1pt">

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Anchor Store</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>455.9</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>374.3</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>21.8%</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>822.8</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>672.0</FONT></P></TD>

   <TD style="HEIGHT: 9.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>22.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Clothes and Footwear</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,487.3</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,286.8</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36.5%</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,805.3</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,540.9</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>40.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.1pt">

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Entertainment</FONT></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>174.0</FONT></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>137.9</FONT></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26.2%</FONT></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>456.6</FONT></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>320.5</FONT></P></TD>

   <TD style="HEIGHT: 6.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Home</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>208.6</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>164.9</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26.5%</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>398.2</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>300.7</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>32.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 10pt">

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Restaurant</FONT></P></TD>

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>637.2</FONT></P></TD>

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>469.3</FONT></P></TD>

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>35.8%</FONT></P></TD>

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,302.2</FONT></P></TD>

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>919.9</FONT></P></TD>

   <TD style="HEIGHT: 10pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>41.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Miscellaneous</FONT></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,014.4</FONT></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>782.8</FONT></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>29.6%</FONT></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,750.4</FONT></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,352.6</FONT></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>29.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 7.6pt">

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Services</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>123.8</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>51.5</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>140.3%</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>217.8</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>85.8</FONT></P></TD>

   <TD style="HEIGHT: 7.6pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>153.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.05pt">

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Electronic appliances</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,174.7</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>829.9</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>41.5%</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,109.5</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,463.9</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>44.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,275.89</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,097.4</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>35.7%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14,862.75</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,656.4</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>39.5%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1) Excluding Distrito Arcos and Alto Comahue: Total IIQ 16 (ARS MM). Var %, Total 6M 16 (ARS MM). Var %.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Revenues from cumulative leases as of December 31 of fiscal periods 2016 and 2015</FONT></U></P>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(ARS thousand)</FONT></I></P>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Detailed Revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Base Rent</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>323.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>229.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>40.71%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>608.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>445.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.68%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Percentage Rent</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>220.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>172.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>28.46%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>361.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>260.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>39.08%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Rent</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>544.4</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>401.9</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>35.47%</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>970.6</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>705.6</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>37.56%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Admission rights</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>48.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>30.18%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>93.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>71.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>30.17%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>18.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>167.25%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>33.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>61.69%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Parking</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>38.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>28.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>36.48%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>75.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>52.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>42.26%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>50.53%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>13.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>34.86%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-1.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-191.30%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20.11%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total revenues from sales, leases and services</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>660.7</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>478.9</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>37.97%</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,193.5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>866.6</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>37.73%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 14.1pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>5</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_153"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader153"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 7.05pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>III. Offices </FONT></B></P>

<P style="MARGIN: 0in 7.05pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The A+ office market in the City of Buenos Aires remains robust. Demand for Premium commercial spaces continues to be firm, in the whereabouts of USD 4,000 per square meter, while rental prices increased slightly as compared to the previous year, averaging USD 28 per square meter. The vacancy rate stood at 10.5% in the City of Buenos Aires in line with the figures recorded in 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Rental and Sale Prices of A+ Offices &#8211; City of Buenos Aires</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 7.05pt 0pt 0in" align=center>
<IMG border=0 src="resena_6a.gif">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 7.05pt 0pt 0in" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Source: L.J. Ramos</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 7.05pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>In ARS Million</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.75pt">

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>70</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>82</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(14.6%)</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>145</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>163</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(11.0%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.85pt">

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating Income</FONT></P></TD>

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>40</FONT></P></TD>

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(55)</FONT></P></TD>

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(172.7%)</FONT></P></TD>

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 6.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(12.5%)</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 11.95pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>0.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>64</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(25.6%)</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>101</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(20.5%)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 7.05pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues from the Offices segment decreased by 11.0% in the first half of fiscal year 2016 due to a 27.3% reduction in the leaseable area as a result of the sales made during the period. In addition, the portfolio&#8217;s occupancy recorded a slight decline, down to 94.2% due to the vacancy of two floors in the &#8220;Rep&#250;blica&#8221; building which we expect to occupy in the short term and the sales of office floors that were occupied at 100%. The segment&#8217;s EBITDA, excluding expenses incurred in the transfer of assets, dropped by 20.5% during the period compared to the same period of the previous fiscal year due to lower revenues and higher administrative and selling expenses. </FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The EBITDA margin for the six-month period of 2016 stood at 70.0% (compared to 73.4% in the same period of 2015).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>6</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IVQ 15<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIIQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Leaseable area</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>81,918</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>94,862</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>111,678</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>112,575</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>112,621</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Occupancy</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>94<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>2%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>96.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>98.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>98.6%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>98.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Monthly Rent (ARS/sqm)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>338</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>243.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>230.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>223.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>218.1</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Monthly Rent (USD/sqm)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25.4</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(1)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif> Includes 9 floors of Intercontinental Building sold on June 30, 2015.</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The portfolio&#8217;s rental prices rose, reaching USD&nbsp;26 per square meter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.05pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Below is information on our offices and other rental properties segment as of December 31, 2015.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif>Date of Acquisition</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif>Leaseable Area sqm <SUP>(1)</SUP></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif>Occupancy Rate <SUP>(2)</SUP></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif>IRSA&#8217;s Effective Interest</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif>Book Value <SUP>(3)</SUP></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=tahoma,sans-serif>(ARS million)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Offices</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Edificio Rep&#250;blica <SUP>(4)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>04/28/08</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>19,885</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>90%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>192</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Torre Bankboston <SUP>(4)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>08/27/07</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>14,873</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>94%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>137</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Bouchard 551</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>03/15/07</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>8</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 16.1pt; TEXT-INDENT: -16.1pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Intercontinental Plaza <SUP>(4)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>11/18/97</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>7,467</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>24</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Bouchard 710 <SUP>(4)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>06/01/05</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>15,014</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>61</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Dique IV, Juana Manso 295 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>12/02/97</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Maip&#250; 1300</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>09/28/95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>1,353</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>5</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Libertador 498</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>12/20/95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>620</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Suipacha 652/64 <SUP>(4)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>11/22/91</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>11,465</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>83%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Madero 1020</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>12/21/95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Dot Building <SUP>(4)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>11/28/06</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>11,242</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>80%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>124</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Subtotal Offices</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>81,918</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>94%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>N/A</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>563</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Other Properties</FONT></U></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Santa Mar&#237;a del Plata S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>10/17/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>106,100 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Nobleza Piccardo<SUP> (5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>05/31/11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>109,610 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>75%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Other Properties<SUP> (6)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>39,232 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>42%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>87</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>Subtotal Other Properties</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>254,942</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>80%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>N/A</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>107</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>TOTAL OFFICES AND OTHER </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>336,860</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>84%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>N/A</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=tahoma,sans-serif>669,409</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>Notes:</FONT></U></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(1) Total leaseable area for each property as of December 31, 2015. Excludes common areas and parking.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(2) Calculated dividing occupied square meters by leaseable area as of December 31, 2015.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(3) Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(4) Through IRSA Propiedades Comerciales S.A.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(5) Through Panamerican Mall S.A.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(6) Through Quality Invest S.A.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 7pt" face=tahoma,sans-serif>(7) Includes the following properties: Ferro, Dot Adjoining Plot, Anchorena 665, Chanta IV, Constituci&#243;n 1111 and Rivadavia 2774.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>7</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and Developments</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Sales and Developments in millions of ARS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>0.0%</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 8pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(28.6%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating Income</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>587</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>468</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25.4%</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>937</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>774</FONT></P></TD>

   <TD style="HEIGHT: 7.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>21.1%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>586</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>468</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25.2%</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>936</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>774</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20.9%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Sales and Developments segment posted similar revenues compared to the first half of 2015, underpinned by sales of the &#8220;Horizons&#8221; complex for ARS&nbsp;4 million during the first half of 2016 and sales in Condominios del Alto I (Parcel 2G) during the first half of 2015. Operating income and EBITDA increased 21.1% and 20.9%, respectively, due to higher revenues from sales of investment properties than in the first half of 2015 for ARS 1,029 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Below is a detail of the sales of investment properties occurred during the six-month period under analysis:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Maip&#250; 1300 Building, located in the area of &#8220;Retiro&#8221; in the City of Buenos Aires:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> During July and August 2015, 1,761 sqm corresponding to 4 floors of the Maip&#250; 1300 building were sold, at a gain of ARS&nbsp;57.1 million. During November and December 2015, 1,690 sqm were sold corresponding to 4 additional floors of this building, at a gain of ARS 52.9 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Isla Sirgadero Plot, located in the Province of Santa Fe: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On September 3, the 8,262,600-sqm plot was sold for a total amount of USD&nbsp;4.0 million, at a gain of ARS&nbsp;32.6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Intercontinental Plaza Building, located in the area of &#8220;Montserrat&#8221; in the City of Buenos Aires: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On September 10, our subsidiary IRSA Propiedades Comerciales sold 5,963 sqm comprising seven office floors, 56 parking spaces and 3 storage spaces for a total amount of ARS&nbsp;324.5 million, at a gain of ARS&nbsp;300.0 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Juana Manso 294 Building (&#8220;Dique IV&#8221;):</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> In December 2015, the entire Dique IV building located in Puerto Madero was sold, at a gain of ARS&nbsp;586.8 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&#8220;Catalinas&#8221; partial sale:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> In December 2015, 4,896 sqm were sold corresponding to four office floors of a building to be developed in the &#8220;Catalinas&#8221; 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 ARS&nbsp;180.3 million. </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>8</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Accumulated sales as of December 31 of the fiscal periods (ARS million)</FONT></U></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>DEVELOPMENT</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Var %</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Residential apartments</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Condominios I and II<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100.0%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Caballito Nuevo</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100.0%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Libertador 1703 and 1755 (Horizons) <SUP>(2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(300.0%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other residential apartments <SUP>(3)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100.0%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Subtotal Residential Apartments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(16.7)%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Residential Communities</FONT></U></B></P></TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Abril/Baldovinos<SUP>(4)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100.0%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Subtotal Residential Communities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100.0%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(28.6%)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 0pt 0in"><FONT lang=ES-AR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 0pt 0in"><FONT lang=ES-AR style="FONT-SIZE: 7pt" face="times new roman">(1)</FONT><FONT lang=ES-AR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=Arial,sans-serif>Through IRSA Propiedades Comerciales S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Owned by CYRSA S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Includes the following properties: Units to be received in Beruti through IRSA CP, Torres Jard&#237;n, San Mart&#237;n de Tours, Rivadavia 2768, Caballito Plot and Pereiraola Plots through IRSA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.2pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Includes sale of shares in Abril.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>9</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Development</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Company</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Interest</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Date of Acquisition</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Land Area sqm</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Saleable area sqm<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Buildable area sqm</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Sold<SUP>(2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Title Deed Executed<SUP>(3)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Location</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Accumulated revenues as of December 2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Accumulated revenues as of December 2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Book Value (ARS Million)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Residential Properties</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Available for sale</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Condominios del Alto I</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>04/30/1999</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,082</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>71%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>67%</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Santa Fe</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>4</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Condominios del Alto II</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>04/30/1999</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,009</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>96%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>93%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Santa Fe</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Caballito Nuevo</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>11/03/1997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>8,173</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>98%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>98%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Barrio Chico</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>03/01/2003</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,492</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>El Encuentro</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>11/18/1997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>127,795</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 6pt" face=Arial,sans-serif>Abril Club de Campo &#8211; Plots</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>01/03/1995</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,135</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>01/03/1995</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>31,224</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>34,605</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>2</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>07/18/1996</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>CABA</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Entre R&#237;os 465/9 Apartment</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>&nbsp;Buenos Aires</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Horizons</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>01/16/2007</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>71,512</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>98%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Intangible &#8211; Units to be received</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Beruti (Astor Palermo)<SUP> (5)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>06/24/2008</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,632</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>33</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Caballito Manzana 35</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>10/22/1998</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>8,258</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>52</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CONIL - G&#252;emes 836 &#8211; Mz. 99 &amp; G&#252;emes 902 &#8211; Mz. 95</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>and stores</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>07/19/1996</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,389</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,994</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 6pt" face=Arial,sans-serif>Canteras Natal Crespo (2 commercial parcels)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>40,333</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-&nbsp;</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>&nbsp;</FONT></I><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Isla Sirgadero</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>02/16/2007</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>826,276</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Santa Fe</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Subtotal Residential Properties</FONT></B></P></TD>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>899,222</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>268,693</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,994</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>95</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Land Reserves</FONT></I></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=center>&nbsp;</TD>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Pilar R8 Km 53</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>05/29/1997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>74,828</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Pontevedra</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>730,994</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Mariano Acosta</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>967,290</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Merlo</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,004,987</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Terreno San Luis</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>03/31/2008</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,250,523</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>San Luis</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Subtotal Land Reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,028,622</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>10</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Future Developments</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Mixed Uses</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.8pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>UOM Lujan<SUP> (6)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>05/31/2008</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,160,000</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>42</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>La Adela</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>08/01/2014</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>10,580,000</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>215</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Nobleza Picardo<SUP> (7)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>05/31/2011</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>159,995</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>127,996</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>61</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Puerto Retiro</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>05/18/1997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>82,051</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>22</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Solares Santa Mar&#237;a<SUP> (8)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>07/10/1997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>716,058</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>159</FONT></P></TD></TR>

<TR style="HEIGHT: 14.45pt">

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Residential</FONT></I></B></P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="HEIGHT: 14.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Coto Abasto Air Space</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>09/24/1997</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>21,536</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>9</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Neuqu&#233;n &#8211; Housing Parcel</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>07/06/1999</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,000</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>18,000</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Neuqu&#233;n</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Uruguay Zetol</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>90%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>06/01/2009</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>152,977</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>62,756</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Uruguay</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>81</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Uruguay Vista al Muelle</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>90%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>06/01/2009</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>102,216</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>62,737</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Uruguay</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>56</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Pereiraola (Greenville)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>04/21/2010</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>39,634</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 13.45pt">

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Retail</FONT></I></B></P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Caballito Shopping Plot<SUP> (9)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>23,791</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Dot Potential Expansion</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>15,881</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>47,643</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Offices</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Philips Adjoining Plots - Offices 1 &amp; 2</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>11/28/2006</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12,800</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>38,400</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>25</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Baicom </FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12/23/2009</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,905</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>34,500</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>4</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Intercontinental Plaza II<SUP> (10)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,135</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>19,598</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Catalinas Norte Plot</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12/17/2009</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,649</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>35,300</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>110</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Subtotal Future Developments</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,035,458</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>165,127</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>342,973</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap align=center>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 6pt" color=#7f7f7f face=Arial,sans-serif>-</FONT></I></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif>795</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif>Total Land Reserves</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 6pt" color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif>19,963,302</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif>433,820</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #244061; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif>348,967</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif>5</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif>47</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" color=#ffffff face=Arial,sans-serif>897</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>11</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><U><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Notes:</FONT></U></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Saleable Area means the housing square meters proper, including parking and storage spaces. It is recorded at 100%, before making any sales.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>% Sold includes those sale transactions for which there is a Preliminary Sales Agreement, Possession or a Title Deed executed. Includes square meters of housing, parking and storage spaces.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>% Title Deed Executed includes those sales transactions for which a Title Deed was executed. Includes square meters of housing, parking and storage spaces. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Saleable Area includes 31,224 sqm of the plot and 4,712.81 total sqm of the Manor House (discounting 1,331.76 sqm of Ground Floor). </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(5)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Saleable Area excludes 171 commercial parking spaces to be received and the units as compensation. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(6)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Mixed Used Feasibility requested, pending provincial approval. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(7)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>127,996 sqm arise from current laws, a draft project is being made for 479,415 buildable square meters (pending approval). </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(8)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Feasibility requested for 716,058 buildable square meters, pending approval from the Legislative body of the City of Buenos Aires. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>(9)</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Draft project of 71,374 buildable square meters, pending approval of zoning parameters. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(10)</FONT><FONT style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>6,135 sqm of surface area correspond to the parcel, which includes Inter I and II. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>12</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>V.&nbsp;&nbsp;&nbsp; Hotels</FONT></B></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the first half of fiscal year 2016, the hotel segment recorded an increase in revenues of around 14.6% due to the higher average portfolio occupancy, which reached 67.6%, and the rise in the average rate which stood at ARS 1,760/night. However, Operating Income showed a negative result of ARS 5 million mainly due to higher selling and administrative expenses. We expect better results during next quarter given the exchange rate depreciation occurred in December 2015 as hotel rates are denominated in USD.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Hotels (in millions of ARS)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>133</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>116</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>14.7%</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>244</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>213</FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>14.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating income</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(77.8%)</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(155.6%)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.4pt">

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(25.0%)</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.4pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(12.5%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.2pt">

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>(1)</FONT></P></TD>

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>(107.7%)</FONT></P></TD>

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 6.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>(88.2%)</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IVQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIIQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Average Occupancy</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>67.6%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>66.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>65.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>68.5%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>68.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>65.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Average Rate per Room (ARS/night)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,760</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,660</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,564</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,625</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,599</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,565</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0pt 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Average Rate per Room (USD/night)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>178</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>182</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>191</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>190</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>188</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The following is information on our hotel segment as of December 31, 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>:</FONT></P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Date of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Acquisition</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>IRSA&#8217;s </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Interest</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Number </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>of Rooms</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Average </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Occupancy (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Average</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Book Value</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>(in millions of ARS)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Intercontinental (3)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>11/01/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>76.34%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>309</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>69.5%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,337</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>52</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Sheraton Libertador (4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>03/01/98</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>80.00%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>77.5%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,218</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Llao Llao (5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>06/01/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>205</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>55.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>3,307</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>79</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>714</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>67.6%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,760</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>161</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 3.5pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.25pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Notes:</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1) Cumulative average for the 12-month period.</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2) Cumulative average for the 12-month period.</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3) Through Nuevas Fronteras S.A. (IRSA&#8217;s subsidiary).</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4) Through Hoteles Argentinos S.A. (IRSA&#8217;s subsidiary).</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5) Through Llao Llao Resorts S.A. (IRSA&#8217;s subsidiary).</FONT></P></TD></TR>

<TR>

   <TD width="100%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Accumulated sales as of December 31 of the fiscal periods (ARS million)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>IIQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>6M 16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.4pt">

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Intercontinental</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.3%</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>77</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Sheraton Libertador</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.2%</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>54</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Llao Llao</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>58</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>25.4%</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>106</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>88</FONT></P></TD>

   <TD style="HEIGHT: 9.7pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.35pt">

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>244</FONT></B></P></TD>

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>116</FONT></B></P></TD>

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>109.7%</FONT></B></P></TD>

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>244</FONT></B></P></TD>

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>213</FONT></B></P></TD>

   <TD style="HEIGHT: 6.35pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14.4%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>13</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>VI. International</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Lipstick Building, New York, United States</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Lipstick Building is a landmark building in the City of New York, located at Third Avenue and 53<SUP>th</SUP> Street in Midtown Manhattan, New York. It was designed by architects John Burgee and Philip Johnson (Glass House and Seagram Building, among other renowned works) and it is named after its elliptical shape and red fa&#231;ade. Its gross leaseable area is approximately 57,500 sqm and consists of 34 floors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of December 31, 2015, the building reached an occupancy rate of 95.11%, thus generating an average rent of USD&nbsp;65.26 per sqm.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.35pt">

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=white><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Lipstick</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#ffffff><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Dec-15</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#ffffff><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>Sept-15</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#ffffff><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif>YoY Var</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 16.35pt">

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gross Leaseable Area (sqm)</FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>58,094</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>58,092</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.35pt">

   <TD style="HEIGHT: 16.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Occupancy</FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>95.11%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>95.47%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>-0.36pp</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.35pt">

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Rental price (USD/sqm)</FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>65.26</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>65.14</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=center>

   <P style="MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.18%</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In August 2015, the entire Floor 17 and part of Floor 24 were effectively occupied, causing occupancy to rise to over 95%, the occupancy rate has remained stable since then.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Finally, since September 2014 there has been an exhibition of part of the work and life of the renowned Argentine architect Cesar Pelli, shown in the southern wing of the lobby. The exhibition was conceived, designed and staged with the close cooperation of this architectural firm.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investment in Condor Hospitality Inc.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We maintain our investment in the Condor Hospitality Trust hotel REIT through our subsidiary Real Estate Strategies L.P. (&#8220;RES&#8221;), in which we hold a 66.8% interest. Condor is a REIT listed in Nasdaq focused on medium-class and long-stay hotels located in 21 states of the United States of America, operated by various operators and franchises such as Comfort Inn, Days Inn, Hampton Inn, Holiday Inn, Sleep Inn, and Super 8, among others. During the last months, the company&#8217;s results have shown an improvement in operating levels and it has continued with its strategy of selectively disposing of lower-class hotels at very attractive prices and replacing them with higher-class hotels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>VII. Financial Transactions and Other</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Interest in Banco Hipotecario S.A. (&#8220;BHSA&#8221;) through IRSA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>BHSA is a leading bank in the mortgage lending industry, in which IRSA held an equity interest of 29.94% as of December 31, 2015 (excluding treasury shares). During the first quarter of 2016, the investment in Banco Hipotecario generated income of ARS 169.8 million, 141% higher than in the same period of 2015. For further information, visit </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face=Arial,sans-serif>http://www.cnv.gob.ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> or </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face=Arial,sans-serif>http://www.hipotecario.com.ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>14</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" color=#1f497d face=Arial,sans-serif>Israeli Operating Center</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>VIII: </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Investment in IDB Development Corporation</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Acquisition of Control over IDBD</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On May 7, 2014, a transaction was closed whereby the Group, acting indirectly through Dolphin, acquired, jointly with E.T.H.M.B.M Extra Holdings Ltd. (&#8220;ETH&#8221;, a non-related company incorporated under the laws of the State of Israel) controlled by Mordechay Ben Mosh&#233;, an aggregate of 106.6 million common shares in IDBD representing 53.30% of its stock capital, under the scope of the debt restructuring process of IDBD&#8217;s holding company, IDBH, with its creditors (the &#8220;Arrangement&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Under the terms of the agreement entered into between Dolphin and ETH, to which Dolphin and Extra adhered (the &#8220;Shareholders' Agreement&#8221;), Dolphin acquired a 50% interest in this investment, while ETH acquired the remaining 50%. The total amount invested by both companies was NIS 950 million, equivalent to approximately USD&nbsp;272 million at the exchange rate prevailing on that date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>During fiscal year 2015, Dolphin continued investing in IDBD and as of December 31, 2015, IRSA&#8217;s indirect interest in IDBD was approximately 49%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On May 28, 2015, ETH launched the BMBY mechanism contemplated in the Shareholders&#8217; Agreement (a clause which established that each party to the Shareholders&#8217; Agreement may offer to the counterparty to acquire (or sell, as the case may be) the shares it holds in IDBD at a fixed price). Moreover, ETH stated that the purchaser thereunder would be required to assume all obligations of the seller under the Arrangement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On June 10 and 11, 2015, Dolphin gave notice to ETH of its intention to buy all the shares in IDBD held by ETH.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>After settling certain aspects of the offer in the framework of an arbitration proceeding filed by Dolphin and ETH pursuant to the dispute resolution mechanism contemplated in the Shareholders&#8217; Agreement, on September 24, 2015, the arbiter resolved: (i) that Dolphin and IFISA (a related company of the Group) were entitled to be buyers under the BMBY process, and that ETH had to sell all its shares in IDBD (92,665,925 shares) for a price of NIS 1.64 per share; (ii) that the buyer was required to satisfy all the covenants undertaken by the seller under the Arrangement, including the commitment to conduct the tender offers (&#8220;Tender Offers&#8221;) with Dolphin being liable for them; (iii) that the buyer was required to pledge for the benefit of the Arrangement Trustees the shares that had been pledged by the seller for the latter&#8217;s benefit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On October 11, 2015, the BMBY process was completed, and IFISA purchased all the shares held by ETH in IDBD. Therefore, the Shareholders&#8217; Agreement became ineffective and the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>directors appointed by ETH in IDBD tendered their irrevocable resignation to their positions in the Board of Directors. In this way, Dolphin became entitled to appoint new board members. Moreover, on that same date, Dolphin pledged additional shares as security for conducting the Tender Offers, causing the number of pledged shares to increase to 64,067,710. As a result of the foregoing, the Group acquired control, and since that date it has started to consolidate IDBD.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As of December 31, 2015, Dolphin held an aggregate of 324,445,664 shares, 24,897,859 series 4 warrants, 109,342,966 series 5 warrants and 97,833,180 Series 6 warrants, representing an interest of 49.0% in IDBD. In addition, as of December 31, 2015 Dolphin held 498,140 shares of DIC and 83,023 Series 4, 5 and 6 warrants of DIC, representing a direct interest of 0.49% in DIC.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>15</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We are working on the allocation of the price paid among the various net assets acquired from IDBD; therefore, the following information is preliminary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Tender Offers</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As described in Note 3.1 to the annual financial statements, Dolphin was required to launch the first tranche of the Tender Offers in December 2015. Before the expiration of the first tranche of the Tender Offer, Dolphin and the Arrangement Trustees reached a provisional agreement (the &#8220;Provisional Agreement&#8221;), which provides, inter alia, the following</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt">&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>To postpone the date on which Dolphin would propose the first tranche of the Tender Offers until March 15, 2016, so that the Tender Offer would be in effect until March 31, 2016, and to increase the amount of the first tranche of the Tender Offer by NIS&nbsp;7 million, without changing the number of shares that are entitled to participate as offerors;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>If IDBD launches an issue of shares or convertible assets by March 15, 2016 (excluding any issues of shares resulting from the execution of existing warrants) addressed to any person other than Dolphin and/or other company not entitled to participate as offeror in the Tender Offers, to increase the first tranche of the Tender Offer by NIS&nbsp;53 million (in addition to the NIS&nbsp;7 million referred to in paragraph (i)), without changing the total number of shares to be purchased under Tender Offer;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>To increase the securities in favor of the Arrangement Trustees so as to secure fulfillment of the commitments under the Tender Offers;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The Provisional Agreement should be approved by the Shareholders&#8217; Meeting, after which the parties would motion that the appeal to the Supreme Court be dismissed, without cost to any of the parties;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The Provisional Agreement would be also contingent upon the execution of the Subordinated loan between Dolphin and IDBD (subordinated loan convertible to IDBD for NIS&nbsp;210 million).</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On December 6, 2015, the Provisional Agreement was approved and the appeal to the Supreme Court was dismissed without costs to any of the parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On December 1, 2015 Dolphin and IDBD executed the Subordinated Loan.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IDBD&#8217;s Balance Sheet as of September 30, 2015 (NIS million)</FONT></U></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Non-current Assets: 27,366</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Non-current Liabilities: 25,644</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Current Assets: 12,503</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Current Liabilities: 10,196</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Total Assets: 39,869</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Shareholders&#8217; Equity: 4,029</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Shareholders&#8217; Equity Attributable to Controlling Shareholder: 315</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Shareholders&#8217; Equity Attributable to Non-Controlling Shareholder: 3,714</FONT></P></TD>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>16</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IX. EBITDA by segment</FONT></B></P>

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<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Operating income / (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>854</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>937</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>87</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,959</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Depreciation and Amortization</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>82</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>106</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>938</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>101</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>936</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>87</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2,066</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>6M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Shopping Centers</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Offices</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Sales and Developments</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>International</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Financial Transactions and Other</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Operating income / (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>627</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>774</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,595</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Depreciation and Amortization</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>87</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>689</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>774</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,794</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>EBITDA Var</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>36.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(20.5)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>20.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(88.2)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(51.4)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(75.0)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>15.2%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>X. Reconciliation with Consolidated Income Statement (ARS million)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Below is an explanation of the reconciliation of the company&#8217;s income by segment with its consolidated income statement. The difference lies in the presence of joint ventures included in the segment but not in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Total Segment</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Joint Ventures *</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Common Maintenance Expenses and Common Advertising Fund</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Intersegment eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Income Statement</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Revenues from sales, leases and services</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,587 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,570 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Revenues from common maintenance expenses and common advertising fund</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>594</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>594</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(382)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(602)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(972)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gross Profit /(Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,205 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(6)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,192 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income from sale of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,029</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,029</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(277)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(273)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(121)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(120)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other operating income, net</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>123</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>120</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,959</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(3)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,948</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income / (loss) from interests in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(404)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(398)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income before financial income / (loss) and income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,555</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,550</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=ES style="FONT-SIZE: 7pt" face=Arial,sans-serif>*Includes Puerto Retiro, Baicom, CYRSA, Nuevo Puerto Santa Fe and Quality (San Mart&#237;n lot).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>17</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0.25in"><FONT lang=ES style="FONT-SIZE: 12pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XI. Financial Debt and Other Indebtedness</FONT></B></P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Consolidated Financial Debt as of December 31, 2015:</FONT></P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 10pt" color=#1f497d face=Arial,sans-serif>Argentine Operating Center</FONT></B></P>

<P style="MARGIN: 0in 2.45pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Amount <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Interest Rate</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Maturity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Short term loans</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>48.2</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Variable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&lt; 365 d&#237;as</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>IRSA 2017 Clase I</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>150.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>feb-17</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>IRSA 2020 Clase II <SUP>(4)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>150.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>11.50%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>jul-20</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ON Clase VI</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>0.8</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Badlar + 450 bps</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>feb-17</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Loan agreements</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>60.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Variable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>jun-16</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Other loans</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>0.9</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Deuda Total IRSA <SUP>(6)</SUP> </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>354.1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Bank overdrafts</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>4.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Variable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&lt; 30 d&#237;as</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Short term loans</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>8.3</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>23.00%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>sep-16</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>APSA 2017 Clase I <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>120.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>7.88%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>may-17</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ON IRSA CP Clase I ARS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>31.2</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>26.5% / Badlar + 400 bps</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>mar-17</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Other loans</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>3.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Debt for asset purchase <SUP>(5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>240.0</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>jul-20</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Deuda Total IRSA CP</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>406.5</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 10pt" color=#4f6228 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 10pt" color=#1f497d face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 10pt" color=#1f497d face=Arial,sans-serif>Israeli Operating Center</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Indebtness</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Amount <SUP>(1)</SUP></FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Total Debt IDBD</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>1,181.4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Total Debt DIC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>2,030.8</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Total Debt Shufersal</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>978.7</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Total Debt Cellcom</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>1,967.3</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Total Debt PBC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>2,934.4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Total Debt Others<SUP>(7)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>120.5</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1</FONT><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif>) </FONT><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Principal amount in USD&nbsp;(million) at an exchange rate of 1</FONT><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif>3.040 ARS/USD; 6.96 BOB/USD; 3.977 BRL/USD; 3.8911 ILS/USD</FONT><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>, without considering accrued interest or elimination of balances with subsidiaries.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>As of December 31, 2015, the Company had repurchased a principal amount of USD&nbsp;5.7 million.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(3) As of December 31, 2015, the Company had repurchased a principal amount of USD&nbsp;10.1 million.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(4) As of December 31, 2015, the Company had repurchased a principal amount of USD&nbsp;14.8 million.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(5) Corresponds to a loan with IRSA due to the transference of assets in December 2014.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(6) Not including a USD 55.8 millon loan agreement of IRSA with REIG V for being a related party.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(7) Includes IDB Tourism, Bartan, and IDBG</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>18</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XII. </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Subsequent Events</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Argentine Operating Center</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>January 2016: Dividend Payment</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0pt 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On January 6, 2016, the Company made available to the shareholders who were ADR holders as of July 14, 2014, the outstanding dividend balance approved at the General Ordinary Shareholders&#8217; Meeting dated June 19, 2014 and the Board Meeting dated June 26, 2014 for an amount of ARS 8,434,256.69 before tax, equivalent to an amount of approximately USD 0.04131895 per ADR.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 11.35pt 0in 0in; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>February 2016: Partial Sale of Intercontinental Plaza Building (through our subsidiary IRSA Propiedades Comerciales)</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On February 4, 2016, our subsidiary IRSA Propiedades Comerciales S.A. sold to a non-related party 851 sqm, consisting of an office floor and 8 parking spaces, in the Intercontinental Plaza building located in the &#8220;Monserrat&#8221; neighborhood of the City of Buenos Aires. IRSA Propiedades Comerciales still owns 6,308 sqm in such building.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The transaction amount was ARS 41.5 million, which have been paid in full. Gross profit from this transaction was approximately ARS 19.8 million, which will be recognized in the financial statements for the third quarter of fiscal year 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 11.35pt 0cm 0cm; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 14pt" face=Arial,sans-serif>February 2016: Contract Option between Dolphin and IFISA.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 11.35pt 0cm 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 14pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On February 5, 2016, Dolphin has subscribed with IFISA an option contract that gives Dolphin the right but not the obligation to acquire 92,665,925 shares of IDBD that IFISA purchased in the process of BMBY (as defined in note 4), at a price per share of NIS 1.64 plus an annual interest of 8.5%. The exercise date of the option will run for two years. In addition, Dolphin has the preferential right to purchase (first refusal) if IFISA agreed the sale of these shares to a third party.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><U><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif>Israeli Operating Center</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=Arial,sans-serif>In January 2016, a law was passed in Israel that reduced the corporate tax rate to 25% effective January 1, 2016.</FONT></P>

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<LI style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif>On January 24, 2016, IDBD&#8217;s Board of Directors approved a public offering of shares to be</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=Arial,sans-serif> carried out in February 2016, including </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=Arial,sans-serif>700 million common shares for a price of over NIS 0.714 per share (equivalent to $ 2.3919 per share), representing a minimum offer of NIS 500 million $ 1,675 million). As of the date of these financial statements, the final terms of the offering have not been defined yet. </FONT></LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XIII. Comparative Summary Consolidated Balance Sheet Data</FONT></U></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.14</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.13</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Current assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>88,868</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,867</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,558</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>45,052</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,438</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,182</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>133,920</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,305</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,740</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Minority Interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,846</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>347</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>389</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Shareholder&#8217;s Equity</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,903</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,881</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,501</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Shareholder&#180;s Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,749</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,228</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,897</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>90,702</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,491</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,171</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37,469</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,586</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,672</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Liabilites</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>128,171</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,077</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,843</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Liabilities and Shareholder&#180;s Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>133,920</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>9,305</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,740</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>19</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_167"></A>

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<a name="_bclHeader167"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XIV. Comparative Summary Consolidated Income Statement Data</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.14</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.13</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,948</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,586</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>527</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income from interest in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(398)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(681)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>51</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income before financial income / (loss) and income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,550</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>905</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>578</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>374</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>60</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2,138)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(535)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(713)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other financial income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(460)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial income / (loss), net</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2,224)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(479)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(611)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(Loss) / Income before income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(674)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>426</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(33)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(236)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(379)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net (loss) / income </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(910)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(26)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Controlling company&#8217;s shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(487)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(22)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(423)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(4)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XV. Comparative Summary Consolidated Cash Flow Data</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><STRONG><U><FONT size=2 face=Arial></FONT></U></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.15</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.14</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.13</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net cash provided by operating activities</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>600</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>649</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>422</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net cash (used in) / provided by investment activities</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(1,501)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>876</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(625)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net cash provided by / (used in) financing activities</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>695</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(967)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(394)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net increase / (decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(206)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(558)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(602)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cash and cash equivalents at the beginning of the fiscal year</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>375</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>610</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>797</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gain from exchange rate differences of cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,863</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(350)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cash and cash equivalents at the end of the period</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13,032</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>817</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>226</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XVI. Comparative Ratios</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.2014</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>12.31.2013</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Liquidity</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CURRENT ASSETS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>45,052</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.20</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,438</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.94</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,182</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.71</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CURRENT LIABILITIES</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37,469</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,586</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,672</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Indebtedness</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL LIABILITIES</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>128,171</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>67.35</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,077</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.76</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,843</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.33</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,903</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,881</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,508</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Solvency</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,903</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.01</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,881</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.27</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,508</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.43</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL LIABILITIES</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>128,171</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,077</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,843</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Restricted Assets</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>NON-CURRENT ASSETS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>88,868</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.66</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,867</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.74</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,558</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.86</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL ASSETS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>133,920</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,305</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,740</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 0in"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>20</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of December 31, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>XVII. Brief comment on prospects for the next period</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.45pt 0pt 0in; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our real estate businesses in Argentina and abroad have posted very good results in the first semester of this new fiscal year. We believe that the diversification of our business, with real estate assets in Argentina and abroad, favorably positions us to face all the challenges and opportunities that may arise in 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our subsidiary IRSA Propiedades Comerciales S.A. keeps recording sound growth in both its shopping centers and premium offices segments. Shopping center sales maintained very good growth rates during the second quarter of the year, and occupancy reached 99%, higher than the market average. Customer flow keeps increasing and tenants continue to choose us to showcase their brands.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We will remain active during the year by promoting marketing actions, events, and promotions in our shopping centers, which have proved to be highly effective in terms of sales and have been eagerly endorsed by the public. Moreover, we plan to optimize even further the performance of our current shopping centers and offices through improvements that result in taking better advantage of the leaseable square meters and creating higher functionality and appeal for the benefit of consumers, retailers, and tenants alike.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Offices continue to exhibit sound rental prices in USD per sqm and almost full occupancy rates of 99%, 8 pp above the average in the Buenos Aires premium market. We expect to obtain better results from our office segment during the next quarter, given the variation in the exchange rate experienced after period-end.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We were able to consummate the sale of the office assets that had not been transferred to IRSA Propiedades Comerciales, as they were intended for sale. During the second quarter of fiscal year 2016 and subsequently, we sold most of such stock, including the building on Juana Manso 297, certain floors in Maip&#250; 1300 building, and four floors in a building to be developed on the &#8220;Catalinas&#8221; site in the City of Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We are optimistic regarding the opportunities that may arise in Argentina toward the second half of the year hand in hand with the new administration. We have a large reserve of lands intended for future shopping center and office developments in an industry scenario with high growth potential, as penetration levels in terms of sales and surface area per inhabitant are lower than in other countries of the region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As concerns our investments outside Argentina, we will continue working in the improvement of the operating ratios of our only building in New York after the sale of Madison: the Lipstick Building. Our investment in &#8220;Condor Hospitality Trust&#8221; hotel REIT (NASDAQ: CDOR) has shown very good results in the last months derived from its sales of hotels, whilst it has managed to seize good opportunities for purchasing higher class hotels. We trust in the new senior management and hope to reap the benefits of this investment in the future. As concerns our investment in the Israeli company IDBD, we will continue working in 2016 with a view to optimizing returns from its various business lines and capital structure. We trust in the value of this investment, which we expect will deliver very good results in the medium term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Taking into account the quality of the real estate assets in our portfolio, the Company&#8217;s financial position and low indebtedness level and its franchise for accessing the capital markets, we remain confident that we will continue consolidating the best real estate portfolio in Argentina and diversifying our operations by adding businesses abroad with attractive value-creation opportunities.</FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt" face=Arial>21</FONT></P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>


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<DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt"><BR></FONT></FONT></FONT>&nbsp;</DIV>

<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 12pt">SIGNATURES</FONT></B></FONT></FONT></DIV></DIV></DIV>

<DIV>

<DIV style="DISPLAY: block; TEXT-INDENT: 0pt">&nbsp;</DIV>

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<DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.</FONT></FONT></FONT></DIV>

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<TR>

   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="52%" colSpan=3><FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">&nbsp;IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="52%" colSpan=3><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="3%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;By:</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 2px solid" width="42%"><FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;/S/ Sa&#250;l Zang</FONT></FONT></FONT></FONT></TD>

   <TD width="7%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="3%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="42%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;Name: Sa&#250;l Zang</FONT></FONT></FONT></TD>

   <TD width="7%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="3%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="42%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp; Responsible for the Relationship with the Markets</FONT></FONT></FONT></TD>

   <TD width="7%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD></TR></TABLE></DIV>

<DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Dated:&nbsp;<FONT face="Times New Roman">February</FONT> <FONT style="FONT-SIZE: 10pt" face="Times New Roman">24</FONT>, 201<FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></FONT></FONT></FONT></DIV></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
